Allowing others to use your bank account is illegal
Banks closed down nearly a quarter of a million suspected “mule accounts” in 2025, according to figures published today (23 September 2026) by the Financial Conduct Authority (FCA).
What is a money mule and who is most likely to be one?
A money mule is someone who allows their bank account to be used to send or receive money to or from criminals. It’s often a scam and whilst many young people get caught out by being offered “easy money” on social media, the largest number of people caught out were aged 26 to 39. Those 25 or under accounted for more than 85,000 closures.
Scam examples include offers presented as a “job”, “a favour” or an easy way to earn commission. But moving money in this way – money laundering – could help criminals hide the proceeds of fraud. The consequences are very serious: you could lose your bank account or even face criminal prosecution.
Closed accounts
The FCA surveyed 35 banks, building societies and payment firms and found that they were closing an increasing number of accounts:
2025: 238,396
2024: 233,269
2023: 184,935
The FCA said that stolen money was commonly passed through a chain of accounts before being cashed out, usually between the second and fifth account. Criminals had apparently used some accounts repeatedly before firms finally closed them.
However, when I asked it how many times those accounts had been used, the FCA replied:
The scope of our work was not designed to quantify the number of times accounts were used before closure. Our findings highlighted opportunities for firms to strengthen their controls. In particular, firms should look beyond the initial receiving account and consider linked accounts and payment characteristics.
We expect firms to regularly review and enhance their controls in response to emerging mule and cash-out behaviours. Our findings highlight the importance of timely intelligence sharing between firms to help identify linked accounts, recurring cash-out routes and laundering methods more quickly.
We will continue to monitor firms’ approaches through our supervisory work to ensure they are responding appropriately to evolving money mule threats.”
Reasons for account closures
The increase in financial account closures could be related to more criminal activity or it could be attributed to improvements in security. The National Crime Agency (NCA) estimates that more than £100bn is laundered through UK banks and/or UK corporate structures each year.
NCA Investigation into money mules
The video below provides information about an NCA investigation, with contributions from the police, victims and fraudsters:
The Rise of Money Launderers on Snapchat and Instagram | Crimewave
Financial crime
Fighting financial crime is one of the FCA’s strategic priorities.
Steve Smart, executive director of enforcement and market oversight at the FCA, said:
Money muling is a crime and it’s not victimless. It makes it harder to recover stolen cash and helps criminals move and hide the proceeds of serious offending. People should be wary of contact out of the blue, including via online channels, asking them to funnel money through their account as they could face prosecution.
It’s good that financial firms are taking action on mules, but banks, law enforcement, technology companies and consumers all have a role to play in stopping people being drawn into criminal activity.”
Protecting yourself from becoming a money mule victim
- If you are approached out of the blue with a financial offer that involves borrowing your bank account, that should be a massive “red flag”. Your response must always be “No”.
- Be suspicious of any “job offer”. A legitimate employer will never ask to use your bank account to transfer money.
- Never give out your bank information to anyone.
- Be suspicious of chats in gaming forums etc.
Money mule consequences
Being a money mule is a crime and if you allow someone to use your account to transfer funds, you could be funding serious organised crime which could result in you receiving a criminal record and up to 14 years in prison. Your bank would close your account and you may have difficulties securing or keeping a job or education place.
What to do if you fall victim to being a money mule
If you have not followed the advice above and think you may have become a money mule, stop accepting or moving money immediately and inform your bank about what you have done.
TikTok video outlining the key points
@thecomplainingcow Banks closed 238,396 suspected money mule accounts in 2025 — and it isn’t only young people being caught up in it. #Mule #Banking #ScamWarning #FraudAwareness #ConsumerRights
