A poll of 2,000 adults* reveals 21% have been asked to receive funds to their bank, apply for a loan in someone else’s name, or open a new account, all in exchange for cash.
However, a third of adults have never heard of the term ‘money mule’, which describes someone who is targeted by fraudsters to transfer stolen money through their bank accounts to disguise the origins, and 21% only had a vague understanding, according to research by Virgin Money Link opens in a new window. One in 20 (6%) believe ‘money mule’ is a quirky nickname for a person who stubbornly refuses to spend their money.
Money mule recruiters often use social media to target teenagers, students, vulnerable people, asylum seekers, and those who are on lower incomes or new to the country, and the findings show that 23% of Gen Z have been directly offered money to transfer funds through their bank account, more than any other generation – with social media the most prominent method.
Jamie Wolff, money mules strategy manager from Virgin Money, explains how becoming a money mule can have a devastating impact on individuals, and wider society: “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. 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. You also open yourself up to a criminal network where those involved often make their own laws.”
As part of the research, respondents were asked what they would do if they unknowingly became a money mule. Almost half (43%) said they’d explain their situation to the police, making this the most popular choice. A further 20% would seek legal advice, while 15% would want to report it to someone but wouldn’t know who or where to go.
Respondents were also quizzed on what they thought the consequences of being caught as a money mule might entail. Worryingly, 70% didn’t realise it could impact their chances of getting a job in the future and half (52%) didn’t realise they could end up behind bars for up to 14 years. One in four (24%) were also unaware that cash raised from money mule schemes could be funding crimes such as sex trafficking or terrorism.
Meanwhile, respondents revealed they had received an average of 10 messages saying they’ve won a prize or are eligible to receive funds from a long-lost relative. With such a high frequency of these types of messages, it’s no surprise that 82% are left concerned by the prevalence of financial fraud in general and 24% admit to checking their bank account daily for suspicious transactions.
However, even with people being more concerned about fraud and keeping a close eye on their finances, 12% have fallen victim to a financial scam or fraud, with 19% almost falling for one but managed to spot it at the last minute.
Jamie Wolff added: “The research reveals varying understanding of the term ‘money mule’, highlighting that there’s a big gap in education of younger people in particular. With Gen Z most frequently contacted and less likely to recognise fraudulent funds, 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.
“At Virgin Money, 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.”
Jamie Wolff’s expert tips on how 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.
- 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.
*About the research
The survey was carried out by OnePoll in April 2025 with 2,000 UK adults.