More than €12 million was illegally transferred by criminal gangs via money mule accounts during the first half of last year.
Figures from FraudSMART show the number of accounts linked to the practice almost doubled to more than 3,000 in 2021.
The majority were held by young people aged 18 to 24, with some as young as 15. The average sum transacted through each account was just under €4,000.
Money muling is a type of money laundering. A money mule is someone who receives money from a third party in their bank account and transfers it to another one or takes it out in cash and gives it to someone else, getting a commission for doing so.
Niamh Davenport is Head of Financial Crime with the Banking and Payments Federation of Ireland;
"Those most susceptible to being targeted are often financially vulnerable groups including students, those who are unemployed and people in economic hardship. And as the cost of living crisis deepens over the coming winter months we are particularly concerned that criminals engaging in money mule recruitment will seek to capitalise on this."
The federation has this advice;
- Be very cautious of unsolicited emails or approaches promising opportunities to make easy money, particularly on social media.
- Thoroughly research any work-from-home opportunities and do not get involved unless you are sure the business is legitimate.
- Never give your bank account details to anyone unless you know and trust them.
- Never allow your bank account to be used by someone else.
- If you have been approached to act as a money mule or have been a victim of this type of crime, report it to your local Garda Station and contact your bank.
