One in five Brits approached by money launderers - how to protect yourself

Daily Mirror

07-05-2025

A fifth of adults claim they have been asked to hold funds, apply for a loan in someone else's name, or open a new account, all in exchange for cash
One in five Brits say they have been targeted by fraudsters to to to rope them into money laundering schemes. A worrying study carried out by Virgin Money discovered that a fifth of adults have been solicited to hold funds, apply for a loan under someone else's name, or open a new account, all in exchange for cash, this process is commonly referred to as being a 'money mule'.
Money mule networks are groups of individuals or accounts exploited by criminals to launder money. These criminals often prey on people to move stolen cash through their bank accounts, effectively hiding where the money came from, some of which could be fuelling organised crime.
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Money mule recruiters are increasingly exploiting social media to lure in teenagers, students, the vulnerable, asylum seekers, and those newly arrived in the country or on lower incomes, with Gen Z being the most heavily targeted demographic.
According to recent research, a third of adults are clueless about what a 'money mule' is. Moreover, 20% have only a vague understanding of what it is. Many of which did not know that anyone caught being involved could face up to 14 years in prison.
Not only that, but expert Jamie Wolff, from Virgin Money, explained that becoming a money mule can have a devastating impact on individuals, and wider society. He cautioned that it might be a tempting way to make quick cash, it can have huge consequences. "This is not a sneaky way to make a few quid and then get a telling off if you get caught; this is serious business and can have huge consequences."
He warned: "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."
More concerningly, he cautioned: "You also open yourself up to a criminal network where those involved often make their own laws."
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When asked what steps they would take if they inadvertently became a money mule, four out of ten respondents said they would report the situation to the police, while one in five would seek legal advice. However, a worrying 15% admitted they would not know where to go to report it.
Respondents revealed that in the past, they have received an average of 10 messages saying they have either won a prize or were eligible to receive funds from a long-lost relative. With such a high frequency of these types of messages, 82% are left concerned about the prevalence of financial fraud in general.
To keep an eye on any suspicious activity, 24% say they check their bank account daily. Yet, despite this vigilance, 12% have still fallen victim of a financial scam.
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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. 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.
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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.