Surge in Money Mule Cases Targeting Young People via Social Media in 2024
In 2024, the Financial Conduct Authority (FCA) reported that 207,889 personal accounts were used for money muling, marking a 22% increase from 2023. This data, collected from 37 financial institutions, highlights a concerning rise in involvement of young people in this criminal activity. Approximately 33% of those involved were aged 22 to 29, with an estimated 19% under 21, according to Cifas. Data on those under 16 remains largely unrecorded, suggesting that actual numbers may be higher.
Money muling involves criminals recruiting intermediaries to move stolen or fraudulent money through their bank accounts before forwarding it on, typically in exchange for a commission. Social media platforms are increasingly exploited by criminals who use fake job advertisements promising quick money to lure young people. A current account is the main credential required to act as a money mule.
Legal consequences for money muling can be severe, including imprisonment for up to 14 years. Additionally, offenders may receive a debanking marker that restricts access to bank accounts and other financial services. Experts warn that money muling poses a significant threat to young people, with online scams accounting for about 40% of all recorded crime. However, legislation is lagging behind advances in digital technology.
A case study illustrates the typical profile of a victim: a 19-year-old from Manchester was recruited via Instagram, had money deposited into their account and then experienced a withdrawal block. A Cifas fraud marker was placed on the individual’s record for six years but has since been removed, leaving them vulnerable to future recruitment efforts.
The Children’s Society and the Home Office emphasize that the reported data likely represents only the tip of the iceberg. They advocate for a coordinated response involving police, banks, social services, and education from primary school onward to prevent exploitation. Indicative risk signals include sudden inflows of money or expensive gifts, a fixation on making money online, secretive use of phones or apps, unusual banking activity, and pressure to open new accounts.
