Warning issued over 'money mule' messages that could see you jailed for years

North Wales Live

08-05-2025

Shocking research by Virgin Money has found that one in five Brits have been targets of scammers trying to launder money through illicit means. According to the findings, a significant number of adults have been asked to either hold onto funds, apply for a loan using someone else's identity, or open new bank accounts in exchange for financial rewards - a tactic known as 'money muling'.
Money mule schemes involve the use of individuals or accounts by criminals to launder money. These networks frequently prey on vulnerable people to funnel stolen money through their bank accounts, some of which could be financing organised crime, in order to disguise where its come from.
Scammers focus their efforts on social media users, particularly those in Generation Z, making them the prime targets. But it's not just young adults being targeted: it is also students, asylum seekers, and those new to the country.
The research highlights that a third of adults have never heard of the term 'money mule', which describes someone who carries out these actions in a money laundering process, and a fifth only had a vague understanding of what it involves.
Jamie Wolff from Virgin Money cautions against taking these matters lightly, stating "this is serious business and can have huge consequences."
He goes on to explain: "While the prospect of quick cash can be tempting, especially for students and other typical targets of this type of fraud, the consequences of laundering funds from fraud and scams can be devastating, affecting many lives, including your own.
"If you're caught as a money mule, you could face up to 14 years in prison, lose your job or place in higher education, and access to financial products like your bank account, mortgage, and phone contract."
He further warned that involvement in such activities exposes you to criminal networks who often operate by their 'own rules'.
On average, participants reported receiving around 10 messages claiming they had won a prize or were entitled to funds from a distant relative. With such a high volume of these types of messages, an overwhelming 82% expressed worry about the prevalence of financial fraud in general.
In a bid to monitor any suspicious activity, 24% confessed to checking their bank account daily. But this hasn't stopped one in ten falling victim to scams in the past.
Jamie added: "It's important to highlight the signs to look out for when it comes to being targeted, which is why we've released five top tips to keep in mind. We take this issue very seriously and aim to educate and raise awareness to protect everyone from becoming victims of serious financial crimes.
"We'd urge anyone to think twice before agreeing to transfer money for someone else, because it could be the worst decision you ever make."
EXPERT TIPS ON TO AVOID BECOMING A MONEY MULE
Question any requests to receive or move money
Even if it comes from a friend, family member or someone that you met online, ask questions. Don't simply accept money into your account and agree to transfer it onwards – always ask for the reason why and make sure you feel comfortable with this.
Be wary of too-good-to-be-true opportunities
Watch out for job offers that promise easy money, especially if they involve receiving money into your bank account.
Protect your personal information
Don't open bank or cryptocurrency accounts at someone else's request, and never share your bank details, PINs, debit card or online credentials. You could be allowing criminals to use your account to launder the proceeds of crime.
Avoid online love scams
Don't send money to online love interests, even if they send you money first. These are often scams designed to exploit your trust.
Stay informed and vigilant
Trust your instincts: if something sounds too good to be true then it probably is. If you are unsure about a situation involving money or your bank account, speak to someone that you trust or dial 159 to be securely connected to your bank.