Money mule cases are rising sharply as criminals increasingly recruit young people on social media, official figures show. Fake job adverts and promises of quick money are drawing thousands into a type of money laundering, with TikTok and other platforms used to target Gen Z users.
Money muling involves moving stolen or fraudulent money via an intermediary, who receives it in their bank account before transferring it elsewhere for a commission. Many do not realise they could face up to 14 years in prison or be 'debanked', unable to access accounts or mortgages.
In 2024, the Financial Conduct Authority reported over 207,889 personal accounts used for money muling, a 22% rise on 2023. The highest proportion of those involved (33%) were aged 22–29.
Nicola Harding, fraud expert at the University of Lancaster, said money muling is 'probably one of the biggest threats to young people now' and has grown rapidly in the last five years. She added that young people are vulnerable because 'get rich quick' schemes on social media may not look obviously illegal.
One victim, Derai, was 19 when he responded to an Instagram post offering quick money to fund a move to London. After passing his bank details, funds arrived but his card was swallowed and his account closed. A marker prevented him opening new accounts for 10 months.
The Children's Society's James Simmonds-Read said the true scale is likely much higher, as many cases go unreported. He called for better prevention education from primary school age, while fraud lawyer Jeremy Asher urged parents to watch for signs such as sudden money or gifts.
