Surge in Money Mule Cases Targeting Young People on Social Media, FCA Reports
The Financial Conduct Authority (FCA) reported that in 2024, 207,889 personal accounts were used for money muling, marking a 22% increase from 2023. This data, collected from 37 financial institutions, shows that 33% of those involved were aged between 22 and 29. Money muling refers to the act where criminals use intermediary accounts to move stolen or fraudulent money, typically in exchange for a commission.
Criminals have increasingly targeted young people on social media platforms with fake job adverts promising quick money. A current account is often the only credential required to become involved. Victims face serious consequences, including being debanked and losing access to bank accounts and other financial services. Offenders can face prosecution with sentences of up to 14 years.
Official data gaps suggest the actual scale of money muling is likely larger than reported. Notably, 19% of known money mules are under the age of 21, with no data recorded for those under 16. A representative case is Derai, a 19-year-old from Manchester, who was recruited via Instagram. Money was deposited into his account but was blocked at withdrawal, resulting in a six-year CIFAS marker which was later removed after 10 months. He had also used his mother’s account.
The Home Office has pledged to take action against child exploitation and money muling and calls for a coordinated response among police, banks, and social services. Advocates emphasize the need for preventative education starting from primary school. Signs of money-mule recruitment include sudden influxes of money or gifts, obsessive focus on online money-making, secrecy about phone use, unusual bank activity, and pressure to open multiple accounts.
Online scams now constitute approximately 40% of all recorded crime, marking money muling as a significant threat to young people.
