Third of young people would 'consider' being a money mule
More than €44m has been laundered through ‘money mule’ accounts in Ireland over the last three years, the majority belonging to young people, some as young as 14, figures show.
A survey conducted by the banking and payments industry found that almost half of 18-24-year-olds either have been approached, or know someone who has, about the use of their accounts to transfer money.
And a third of respondents said they would “consider” using their bank accounts to do so if they got money for it.
Almost four out of 10 did not understand they could get a jail sentence if caught and prosecuted and more than half were unaware it could limit their ability to travel or get visas.
Figures produced by FraudSMART, an awareness initiative by the Banking & Payments Federation of Ireland (Bpfi), show that €44.1m has been laundered through money mules in the three years to June 2024.
Almost 9,000 cases were identified and, typically, the amount laundered ranged from €5,000 to €10,000.
A money mule is defined as someone who receives stolen money or proceeds of crime into their bank account and transfers it into another account, often in return for money or a gift.
FraudSMART said that while people of any age are susceptible to becoming a money mule, its members have observed that the majority of are aged between 18 and 24, with some as young as 14.
A survey of 1,000 people was conducted in July by Amárach Research on behalf of the Bpfi. It found:
Nearly half (45%) of 18–24-year-olds said they, or someone they know, have been approached to use their bank account to transfer money; One in three (34%) 18–24-year-olds said they would consider using their bank account to lodge or transfer money for someone else, in exchange for keeping some of the money; 25% are unaware that money muling could help fund other criminal activity; 38% do not understand they could face jail time; 57% are unaware it could affect their ability to travel or get work visas; 61% of parents of teenagers surveyed said they have not discussed the risks of money mules with their children.Niamh Davenport, head of financial crime, Bpfi said: “Criminals are increasingly targeting teenagers and young adults through social media adverts and messages to recruit them as money mules in exchange for money or gifts."
She said the survey findings were worrying, particularly the percentage who would consider being a money mule for payment.
Ms Davenport said the consequences of doing so were “severe”, in terms of a criminal record and possible jail time.
“Most of the money transferred by money mules is the proceeds of crime, often stolen from innocent victims of scams, including text message scams and other types of fraud that our own friends and family can fall victim to," she said.
"Worse still, this laundered money is often used by criminals to fund serious criminal activities such as terrorism, drug trafficking, and human trafficking.”
FraudSMART, together with Minister for Further and Higher Education, Patrick O’Donovan, and the Union of Students Ireland have launched a campaign #DontBeAMule through Snapchat and TikTok.
