Identity fraud has surged in recent years, with industrial-scale cyber scams being perpetrated against millions of individuals in the United States and other parts of the West.
Most of the data used to carry out the scams is stolen by hackers from banks and other institutions, but there is now an indication that some young people, unaware of the long-term risks, are willingly selling their data to cyber criminals.
Last month, Cifas, a fraud prevention service in the UK, published its latest update, which highlighted the issue of young people selling their data.
Cifas Director of Policy, Strategy and Communications Simon Miller told The Epoch Times that the non-profit had noticed a big increase in “muling,” a practice in which an individual allows their bank accounts to be used to transfer the proceeds of crime or launder money….