Banks close thousands of 'money mule' accounts, MPs told

Fraudsters target young people on social media to use their
accounts for illegal ends

Banks are closing down tens of thousands of accounts a year in
the UK as fraudsters increasingly use social media to lure young
people into becoming “money mules”, MPs have heard.

Santander said it closed down about 24,000 accounts a year on
suspicion of fraud. About 11,000 of those are suspected money mule
cases, where fraudsters use genuine accounts to process illegal
payments linked to terrorism, money laundering, and other economic
crimes.

Source: FS – All-News2-Economy
Banks close thousands of 'money mule' accounts, MPs told