Money mule details not shared in nearly two thirds of cases - UK research

Nearly 200,000 money mule accounts were closed by 25 UK-regulated firms between January 2022 and September 2023, says the Financial Conduct Authority (FCA), but only 37% were reported to the National Fraud Database (NFD), and so accessible to other financial services businesses, telcos and public bodies comprising over 750 members of Cifas, the voluntary anti-fraud service, which maintains it.

Nearly 200,000 money mule accounts were closed by 25 UK-regulated firms between January 2022 and September 2023, says the Financial Conduct Authority (FCA), but only 37% were reported to the National Fraud Database (NFD), and so accessible to other financial services businesses, telcos and public bodies comprising over 750 members of Cifas, the voluntary anti-fraud service, which maintains it.