Middle-aged account holders increasingly linked to money mule closures
Financial firms reported a rise in account closures tied to suspected money mule activity, with a notable increase among customers in their 40s.
Across a three-year span, firms closed 238,396 accounts suspected of facilitating money mule schemes, a rise from 184,935 in 2023 and 233,269 in 2024. Personal accounts dominated the closures at around 92%, with the highest numbers previously among ages 26 to 39, but the most pronounced increase now occurring among those aged 40 to 49. Closures among customers aged 21 and under also remained significant.
Approximately two-thirds of the suspected mules were male, a stable proportion over the period. The FCA noted that some firms did not collect gender or age data, limiting the analysis, and called for improved data sharing to identify linked accounts and cash-out routes earlier.
Why it matters
Growing mule activity among middle-aged users signals evolving fraud tactics that could affect more consumers and financial stability.
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