Following the Fraud: The Role of Money Mules

In August 2025, the Royal United Services Institute (RUSI) published a study based on Lloyds Bank data, revealing how money mules enable criminals to launder billions in the UK.  

Fraud accounts for over 40% of UK crime, estimated to cost £200 billion yearly.  

The key points highlighted in the study include:  

• 57% of illicit funds move via Faster Payments and 20% through debit cards to foreign exchange, remittance, and crypto platform

• Criminals act fast—28% of funds exit mule accounts in 15 minutes, 25% within an hour

• One digital firm handled 20% of transfers, exposing weak controls in new providers

• Cash and crypto are key exit routes, hindering tracking

Recommendations include stronger detection for debit cards, foreign exchange and crypto, together with improved onboarding for digital banks and Backend-as-a-Service (BaaS). Staff training should also treat mule activity as a national security issue. AI screening, real-time alerts, and industry partnerships are also urged to counter evolving fraud.