What is a Money Mule?

A Money Mule is an individual who allows use of their personal accounts to move the proceeds of crime, they play a key role in the money laundering process. Money Mules aren’t a new problem but do remain a difficult crime to solve. We’re working with the industry to gain deeper insight and develop solutions that tackle the challenge.

5 things you need to know about Money Mules

  1. Recent public perception polling suggests 22% of the public see Money Muling is reasonable.
  2. Account Take Over (ATO) and Authenticated Push Payments (APP) interlink with Money Mules and money laundering activity. The introduction of the voluntary Contingent Reimbursement Model (CRM) code means there is greater focus than ever on detecting and preventing Money Mules.
  3. The cross-sector of data and intelligence is an important part in the defence against Money Mules.
  4. Criminal gangs now focus on the recruitment of Mules using social media platforms. Over 38,000* bank accounts bearing the hallmark of Money Mules have been closed this year. A rise of 9% year-on-year.
  5. TransUnion & Cifas are working with the industry to take a proactive approach to the challenge of enhancing existing Mules detection and prevention solutions. 

“Money Mules are an ever-evolving and complex issue. The challenge they now present as liability for reimbursement is changing which means financial institutes must be more proactive than ever.”

John Cannon, Head of Fraud & ID

Do you know the true impact of Money Mules on your business and wider society? Learn the true risks and discover how TransUnion’s data and analytical expertise has helped evidence predictive characteristics, new behaviours and insights to better arm organisations against this form of organised crime.

Fill in the form to download our latest Insight Guide: Mule Mules – enhancing controls for a shifting financial landscape

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*Cifas Q3 results

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