Official figures reveal a dramatic surge in criminals recruiting young people as "money mules," with cases jumping by more than a fifth in a single year. The scam, a form of money laundering, sees individuals allow their bank accounts to be used to move illicit funds for a cut of the money.
Social Media Lures and Soaring Statistics
The Financial Conduct Authority (FCA) reported that more than 207,889 personal accounts were used for money muling in 2024. This marks a worrying 22% increase compared to 2023 data, based on figures submitted by 37 financial institutions. The age group most commonly involved were young adults aged 22 to 29, who made up 33% of all cases.
Experts point to social media platforms as a primary hunting ground for fraudsters. Scammers deploy fake job advertisements and promises of "quick and easy" money to lure targets, often requiring nothing more than an active current account. Nicola Harding, a fraud expert at Lancaster University, stated that money muling has grown rapidly in the last five years and is "probably one of the biggest threats to young people now."
Young and Vulnerable: The Human Cost
Young people are particularly vulnerable, having grown up in an online environment saturated with "get rich quick" schemes. Harding explains that when approached by criminals, the proposition "doesn't look so obviously a scam or illegal behaviour." However, the consequences are severe. Those caught can face prosecution with sentences of up to 14 years and be "debanked" – barred from accessing bank accounts, mortgages, and other essential financial products for years.
This was the harsh reality for Derai, who was 19 when he responded to an Instagram post promising fast cash to fund his move to London for modelling. After handing over his bank details, money arrived but his account was swiftly frozen and closed. A Cifas fraud marker was placed on his file for six years, crippling his financial independence. "It was a bit miserable," he said. "I was a bit depressed, frustrated that I'd done it." He eventually had the marker removed after ten months but is still bombarded with recruitment adverts online.
A Hidden Crisis and Calls for Action
James Simmonds-Read from The Children's Society warns that the official data is likely "the tip of the iceberg." He reports that children encounter fake job ads on gaming platforms and social media, and are sometimes groomed through fake friendships before being asked for a "risk-free" favour. He is working with the Home Office to change the terminology, arguing that the term "money mule" unhelpfully "compares victims to animals," and is urging a more coordinated response from police, banks, and social services.
Financial fraud lawyer Jeremy Asher advises parents to be vigilant, especially during school holidays. Warning signs can include:
- Unexplained influxes of money, new clothes, or gifts.
- An obsessive interest in making money online or via social media.
- Secretive behaviour around phones, apps, or new online contacts.
- Unusual bank activity or pressure to open an account.
Asher notes that while Cifas estimates 19% of known money mules are under 21, the true figure for under-16s is unknown and likely higher. With online scams now accounting for 40% of all recorded crime, experts agree that preventative education must start at primary school age to combat this escalating threat.
