Authorities are issuing strong warnings about the illegal and risky nature of certain financial schemes targeting students, which could entangle them in extensive scam networks across Australia.

The Joint Policing Cybercrime Coordination Centre, led by the Australian Federal Police (AFP), has highlighted a troubling trend where students are being approached with offers of between $200 to $500 to share access to their bank accounts. In addition, they are promised a 10% cut from the funds criminals subsequently launder through these accounts.

These seemingly benign opportunities for quick cash aren’t as innocent as they appear. “What might seem like a simple favor or an effortless way to earn money can actually lead to serious repercussions, including criminal charges, visa cancellations, and permanent bans from re-entering Australia,” explained a spokesperson.

The exploitation of student bank accounts allows criminal organizations to transfer larger sums of money with minimal scrutiny. This is achieved by circumventing daily transaction limits, increasing the number of accounts under their control, and using already verified personal profiles to disguise their laundering operations, as detailed in the financial crime guide from June 2024.

It’s crucial to note that involvement in money laundering carries severe consequences in Australia, with penalties reaching up to life imprisonment.

Money laundering carries a maximum penalty of life imprisonment in Australia.

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“But once caught, it’s the student who faces the consequences,” Andersson said.

Anyone offered money for their accounts or information is urged to report it to ReportCyber.gov.au.