The Rise of Money Launderers on Snapchat and Instagram | Crimewave

Summary by Krater

Investigating how criminal gangs in the UK recruit young people to act as "money mules" using social media, the presenter interviews recruiters and victims, and consults the National Economic Crime Centre to expose the severe financial and legal consequences.

From the video

Answers: How do criminal gangs recruit money mules on social media in the UK?

• Money laundering
• Money mules
• Social media recruitment
• Banking fraud
• National Economic Crime Centre

What it concludes

• Young people under 25 are six times more likely to fall victim to criminals on social media compared to over-50s.
• Money mules face severe legal consequences, including being blacklisted by banks, credit score destruction, arrest, and up to 14 years in prison.
• Criminal gangs use a complex web of money mules and fake accounts to move illicit funds and evade law enforcement.
• Social media companies could do significantly more to validate users and regulate content to prevent recruitment by fraudsters.