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Warning about student ‘money mules’

Label: Business

25 February 2013 Last updated at 19:03 ET

By Simon Gompertz Personal finance correspondent, BBC News

Fraud experts are warning that hundreds of thousands of people are in danger of being duped into laundering money for fraudsters.

They are being recruited as unwitting “money mules” who allow their own bank accounts to be used to disguise the proceeds of crime.

The study was carried out by Financial Fraud Action, which tackles fraud on behalf of banks.

It said that students and jobseekers could be especially vulnerable.

Some 19% of students who had been approached had agreed to become money mules.

“It’s a very serious problem,” warns DCI Dave Carter, an investigator from Financial Fraud Action.

“Almost every single criminal transaction that goes on depends on money mules, to turn the money from crime into something the criminals can spend themselves.”

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It just makes you feel sick. I don’t want it to happen again.”

End Quote Kayleigh Rance job-seeker

The fraudsters contact likely targets by sending out mass emails offering employment, or after sifting through CVs posted by job seekers on employment websites.

Then they offer jobs as “money transfer agents”, “payment processing agents” or “administration assistants” for salaries of hundreds of pounds a week.

It looks like a proper job offer, but the real purpose is to channel cash from criminal activity through a person’s own bank account, making them the fraudster’s money mule.

Kayleigh Rance has been hunting for work for a year. She was taken in and even signed a contract. Then, luckily, she pulled out.

“It just makes you feel a bit sick,” she complains, “I feel like I’ve got to go through all the websites now and take my CV off because I don’t want it to happen again.”

The dirty cash comes from credit card fraud, money stolen from bank accounts and other rip-offs.

Paying it into the money mule’s account disguises where it comes from. The mule transfers it to an account in an overseas bank, controlled by the fraudster. It is classic money laundering.

Some money mules are paid by a straightforward cut of the cash being handled. A typical share would be 8%.

Campaign

The first mules tended to be new entrants to the UK, processing funds generated by crime within their own communities in London and other major cities.

But the power of the internet has allowed the perpetrators to start targeting other groups, including students desperate to earn some extra cash.

Financial Fraud Action commissioned ICM to question 2,000 adults along with separate groups exclusively made up of students, jobseekers and new entrants to the UK.

Around 15% had received the suspect job offers. Overall 6% of those who had been approached accepted the offers, rising to 13% of the unemployed, 19% of students and 20% of new entrants.

Crimestoppers is running a campaign in universities across the UK to warn students not to be fooled into becoming involved, telling them: “Don’t be a mule!”.

‘Colossal risk’

Megan Owen, who is studying criminology, volunteered to help at one recent event in Birmingham City University.

“Lots of students we approached said they’d been affected or their friends had been affected,” she said.

Extrapolating from its survey, Financial Fraud Action concludes that 380,000 people could have become unwitting money mules.

The figure is a stab in the dark, but it is clear that the problem is becoming worse and that few of those who become involved understand the risks they are running.

Their bank accounts could be frozen. If prosecuted, they could be sent to prison for up to 10 years.

“It’s a colossal risk,” warns DCI Carter. “In fact you are taking almost all the risk on behalf of the criminal. That’s why they ask – the money mules are the ones most likely to be caught.”

BBC News – Business

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Community college grads out-earn bachelor’s degree holders

Label: World

Berevan Omer graduated on a Friday in February with an associate’s degree from Nashville State Community College and started work the following Monday as a computer-networking engineer at a local television station, making about $ 50,000 a year.

That’s 15% higher than the average starting salary for graduates — not only from community colleges, but for bachelor’s degree holders from four-year universities.

“I have a buddy who got a four-year bachelor’s degree in accounting who’s making $ 10 an hour,” Omer says. “I’m making two and a-half times more than he is.”

Omer, who is 24, is one of many newly minted graduates of community colleges defying history and stereotypes by proving that a bachelor’s degree is not, as widely believed, the only ticket to a middle-class income.

Nearly 30% of Americans with associate’s degrees now make more than those with bachelor’s degrees, according to Georgetown University’s Center on Education and the Workforce. In fact, other recent research in several states shows that, on average, community college graduates right out of school make more than graduates of four-year universities.

The average wage for graduates of community colleges in Tennessee, for instance, is $ 38,948 — more than $ 1,300 higher than the average salaries for graduates of the state’s four-year institutions.

In Virginia, recent graduates of occupational and technical degree programs at its community colleges make an average of $ 40,000. That’s almost $ 2,500 more than recent bachelor’s degree recipients.

“There is that perception that the bachelor’s degree is the default, and, quite frankly, before we started this work showing the value of a technical associate’s degree, I would have said that, too,” says Mark Schneider, vice president of the American Institutes for Research, which helped collect the earning numbers for some states.

And while by mid-career, many bachelor’s degree recipients have caught up in earnings to community college grads, “the other factor that has to be taken into account is that getting a four-year degree can be much more expensive than getting a two-year degree,” Schneider says.

A two-year community college degree, at present full rates, costs about $ 6,262, according to the College Board. A bachelor’s degree from a four-year, private residential university goes for $ 158,072.

The increase in wages for community college grads is being driven by a high demand for people with so-called “middle-skills” that often require no more than an associate’s degree, such as lab technicians, teachers in early childhood programs, computer engineers, draftsmen, radiation therapists, paralegals, and machinists.

With a two-year community college degree, air traffic controllers can make $ 113,547, radiation therapists $ 76,627, dental hygienists $ 70,408, nuclear medicine technologists $ 69,638, nuclear technicians $ 68,037, registered nurses $ 65,853, and fashion designers $ 63,170, CareerBuilder.com reported in January.

“You come out with skills that people want immediately and not just theory,” Omer says.

The Georgetown center estimates that 29 million jobs paying middle class wages today require only an associate’s, and not a bachelor’s, degree.

“I would not suggest anyone look down their nose at the associate’s degree,” says Jeff Strohl, director of research at the Georgetown center.

“People see those programs as tracking into something that’s dead end,” Strohl says. “It’s very clear that that perception does not hold up.”

The bad news is that not enough associate’s degree holders are being produced.

Only 10% of American workers have the sub-baccalaureate degrees needed for middle-skills jobs, compared with 24% of Canadians and 19% of Japanese, the Organization for Economic Cooperation and Development reports.

Over the last 20 years, the number of graduates with associate’s degrees in the United States has increased by barely 3%. And while the Obama administration has pushed community colleges to increase their numbers, enrollment at these schools fell 3.1% this year, the National Student Clearinghouse Research Center reports. Graduation rates also remain abysmally low.

Meanwhile, many people with bachelor’s degrees are working in fields other than the ones in which they majored, according to a new report by the Center for College Affordability and Productivity.

“We have a lot of bartenders and taxi drivers with bachelor’s degrees,” says Christopher Denhart, one of the report’s coauthors.

Still, the salary advantage for associate’s degree holders narrows over time, as bachelor’s degree recipients eventually catch up, says Schneider.

Although these figures vary widely by profession, associate’s degree recipients, on average, end up making about $ 500,000 more over their careers than people with only high school diplomas, but $ 500,000 less than people with bachelor’s degrees, the Georgetown center calculates.

As for Omer, he’s already working toward a bachelor’s degree.

“Down the road a little further, I may want to become a director or a manager,” he says. “A bachelor’s degree will get me to that point.”

This story was produced by The Hechinger Report, a nonprofit, nonpartisan education-news outlet based at Teachers College, Columbia University. It’s one of a series of reports about workforce development and higher education.

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Minnesota takes down No. 1 Indiana 77-73

Label: Technology

MINNEAPOLIS (AP) — Retaining that No. 1 national ranking has been elusive throughout this wild season in college basketball, and Indiana was the latest to lose at the top — again.

Most important and maybe more challenging for the Hoosiers, however, is holding on to first place in the tough-as-ever Big Ten.

Trevor Mbakwe had 21 points on 8-for-10 shooting and 12 rebounds to help Minnesota take down top-ranked Indiana 77-73 on Tuesday night, the seventh time the No. 1 team in the Associated Press poll has lost this season. Three of those losses were by the Hoosiers, who were No. 1 when they fell to Butler and Wisconsin earlier this season. All three opponents were unranked at the time.

Indiana (24-4, 12-3) has held the No. 1 ranking for 10 of the 17 polls by the AP this season, including the last four, and that will likely change next week. But fending off Michigan, Michigan State and Wisconsin is what's on the minds of the Hoosiers, who'll take a one-game lead in the conference race into Saturday's game against Iowa.

"Winning the Big Ten was going to be tough whether we won today or lost," said star guard Victor Oladipo, who had 16 points. "We knew it was going to be tough from the jump. Now it's even tougher. But I think my team is ready for it. We just have to go back and see what we did wrong and correct it."

Andre Hollins added 16 points for the Gophers (19-9, 7-8), who outrebounded Cody Zeller and the Hoosiers by a whopping 44-30 and solidified their slipping NCAA tournament hopes with an emphatic performance against the conference leader. The fired-up fans swarmed the court as the last seconds ticked off, the first time that's happened here since a 2002 win over Indiana.

"There were just too many times when that first shot went up and they were there before we were because we didn't get into their bodies," Hoosiers coach Tom Crean said. "We weren't physical enough on the glass. That's the bottom line."

Zeller, the second-leading shooter in the Big Ten, went 2 for 9. He had nine points with four turnovers. Minnesota had 40 points in the paint to Indiana's 22.

Mbakwe, a sixth-year senior, had a lot to do with that. While positing his conference-leading seventh double-double of the season, the 24-year-old Mbakwe was a man among boys in many ways in this game, dominating both ends of the court when the Gophers needed him most. He grabbed six of Minnesota's 23 offensive rebounds, two of them to keep a key possession alive. His off-balance put-back drew contact for a three-point play with 7:22 left that gave the Gophers a 55-52 lead.

Mbakwe was called for a loudly questioned blocking foul, his fourth, with 4:39 remaining on Zeller's fast-break layup and free throw that put the Hoosiers up 59-58. But Austin Hollins answered with a pump-fake layup that drew a foul for a three-point play and a two-point advantage for the Gophers.

The Hoosiers didn't lead again, and Joe Coleman's fast-break dunk with 2:35 left gave Minnesota a 68-61 cushion that helped it withstand a couple of 3-pointers by Christian Watford and one by Jordan Hulls in the closing minutes. That was the only basket Hulls made after halftime. He had 17 points.

"Just the way we bounced back is unbelievable. We showed that we can beat one of the best teams in the country. Now we have to build off this," said Mbakwe, whose team lost eight of its previous 11 games starting with an 88-81 loss at Indiana on Jan. 12. The Gophers were ranked eighth then. They didn't even receive a vote in the current poll. That could change next week.

The Hoosiers are still in position for their first outright Big Ten regular-season championship since 1993. With another home game against Ohio State on March 5, Indiana could still clinch the title before the finale at Michigan on March 10.

For now, though, the Hoosiers have to regroup and re-establish their inside game after the trampling in the post they endured here.

"They were relentless on the glass. We just didn't do a great job of boxing them out," Oladipo said.

___

Follow Dave Campbell on Twitter: http://www.twitter.com/DaveCampbellAP

Yahoo CEO right to cut remote work?

Label: Lifestyle

STORY HIGHLIGHTS

Raymond Fisman: Marissa Mayer needs to revive Yahoo, and face time at the office is key

Fisman: Granted, this goes against Utopian vision of everyone working from cafes

Fisman: In-person work means innovations, avoids misunderstood directives

He says more jobs will get done and it'll encourage those who work in a half-empty office

Editor's note: Raymond Fisman is the Lambert Family professor of social enterprise at the Columbia Business School. He is the co-author, with Tim Sullivan, of "The Org: The Underlying Logic of the Office."

(CNN) -- When Yahoo's relatively new CEO Marissa Mayer decreed that workers would be required to show up at the office rather than work remotely, the immediate backlash from outsiders was mostly on the side of the angry Yahoo employees who were losing the comfort and convenience of telecommuting. Inside the company, reactions were mixed.

It struck a deep chord, contrary as it was to the techno-utopian impulse that has helped define Silicon Valley: the idea that someday soon we'll all be working in coffee shops or at kitchen tables, with broadband connections replacing in-person interactions.

Mayer may have been extreme in her demands for face time at the office, but it's the right call for a leader who is working to turn around one of the Internet's laggards.

Raymond Fisman

First, let's consider what's at stake for the company and what Mayer is hoping to accomplish. Yahoo is famous for having bungled its position as a one-time Internet leader. Mayer was brought on specifically to revitalize the benighted company after the departure of Jerry Yang; the firing of Carol Bartz, and the departures of another CEO who inflated his resume and an interim director. All the while, Yahoo has been a company in search of a direction.

What does the end of telecommuting have to do with giving the company a sound footing? The reasons go well beyond the obvious issue of reining in slackers who have taken advantage of Yahoo's reportedly lax monitoring of work done from home.

Talk Back: Is Yahoo wrong to end telecommuting?

Jackie Reses, Yahoo's head of human relations, has it exactly right in the memo she wrote to employees about the policy: Personal interaction is still the most effective way of conveying a company's direction, and keeping tabs on what different parts of the organization are up to. And that's what Mayer has to do with all of Yahoo's 11,500 employees to succeed.

What do in-person meetings accomplish that e-mail can't? Part of the answer lies in time use surveys of CEOs that go back nearly 40 years.

Management scholar Henry Mintzberg was among the first to track how top managers spend their time in the early 1970s. Much to his surprise, he found that around 80% of their time was spent in face-to-face meetings; the subjects of his study had few stretches of more than 10 minutes at a time to themselves.

More recent time use studies by researchers at Harvard, the London School of Economics and Columbia have found that little has changed. Despite the IT revolution, business leaders still spend 80% of their time in face-to-face meetings.

The reason is that there's only so much that one can glean from a written report or a spreadsheet. To cut through the hidden agendas, and office politics, most of the time you need to look someone in the eye and ask them, "Really? How exactly would that work?" It is this probing and questioning that allows effective managers to gather the scraps of information needed to understand what's really going on.

Similarly, all the way down the organizational chart, person-to-person interactions are crucial to ensure that an organization's change of direction isn't misrepresented or garbled in its retelling.

The bland proclamations made in reports and e-mails are given clearer meaning through the way they're communicated in the "high fidelity" that only personal interaction will allow. In-person meetings can also help teams avoid misunderstandings: As one of our friends who runs a virtual workplace puts it, with e-mail exchanges alone, everyone starts to get a bit paranoid.

Finally, the Yahoo memo notes that it's hard to innovate via e-mail exchanges or the occasional agenda-filled meeting. New ideas spring up through chance encounters in the cafeteria line and impromptu office meetings. It's an assertion that's backed up by academic research highlighting the importance of physical proximity in driving scientific progress.

Work at home? Share productivity tips

Yet there are rarely benefits without cost. Lots of tasks are easily managed from a distance. A large number of the affected Yahoo employees are customer-service representatives who aren't going to be driving innovation at the company anyway.

In one study of telecommuting at a Chinese online travel agency, customer-service reps were both happier and more productive when working from home -- probably Yahoo service reps aren't any different from their Chinese counterparts in this regard. And every Yahoo employee surely has some aspects of their jobs that could be done just as well at the kitchen table as in an office cubicle.

But it's hard to create a norm of "physically together" if the office is always half-empty. And once it becomes that way, the half that have been showing up will be less and less inclined to bother. Finally, such a shocking and provocative directive will most certainly have the effect of imbuing the organization with the sense of urgency it needs to get the job done.

Will Yahoo employees come around to appreciating the change? Not necessarily the ones that liked to sleep in or work on a startup on Yahoo's dime, but it may be welcomed by the ones already showing up. Will it be damaging to morale? Possibly, though it may help Yahoo employees to remember that, if they're successful, the change is likely to be temporary.

But the job of the CEO isn't to maximize worker happiness. It's to make sure they get their jobs done. And in driving change at Yahoo, Mayer thinks they need to show up at the office.

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The opinions in this commentary are solely those of Raymond Fisman.