The FCA reports that a survey of 35 financial firms found 238,396 accounts closed as suspected money mule accounts in 2025, compared with 233,269 in 2024 and 184,935 in 2023. It says closures were highest among customers aged 26 to 39, with the sharpest rise among those aged 40 to 49, and that criminals typically cash out between the second and fifth account in a chain of transfers. The FCA says it is working with industry on an action plan to improve how firms and law enforcement share intelligence on suspected mule activity.
Read the original: Financial Conduct Authority ↗
Suspected mule activity is one of the reasons a bank may close an account, and it is a filing category on the National Fraud Database. The figures describe closures firms made, not how many were later shown to be justified.