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Almost €17.5 million was transferred through ‘money mule’ accounts in the first half of 2023, new figures have shown.
The figure is an almost 50% increase on the same period for 2022.
A ‘money mule’ account is one which recieves money earned through criminal activity, and transfers it into another account.
The majority of accounts used belonged to people between the ages of 18 and 24, with some as young as 15.
As the academic year begins, FraudSMART – a fraud awareness initiative developed by the Banking & Payments Federation Ireland – has warned students to be vigilant of the risks of being recruited as a money mule.
Niamh Davenport, Head of Financial Crime at BFPI, said: “Criminals frequently target young adults, usually recruiting them through social media ads and messages, but they are also known to approach young people in-person outside schools, colleges, or sports clubs.”
“The money transferred by money mules are proceeds of crime, often stolen from innocent victims of text message scams and other types of fraud that our own friends and family can fall victim to.
“Not only that, but the money being laundered is often used by criminals to facilitate other serious crimes such as terrorism, drug trafficking and people smuggling. This is why the consequences faced for money muling are so serious and can result in a criminal record.”
Colette Murphy, USI Vice President for Welfare, said that “the college term is an exciting time for many students, but it is often also a time of increased financial pressure, and we understand the temptation of offers to earn ‘quick and easy money’.
“Getting caught up in money mulling can have a long-term impact on your future. It could affect your ability to get loans or to travel to many places, including to Australia or on a J1.
“We want to make sure students are aware of the risks of being coerced, conned, or tempted into working with fraudsters through social media posts or seemingly legitimate job adverts.”
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Shur now, isn’t Ireland just a money mule account for the financial services industry?
And aren’t we among the greatest tax haven enablers?
If things get any worse in this hellhole we all might end up doing it.
@Chett Richards: hellhole? I love the smell of hyperbole in the morning!
@honey badger: Nobody cares what smells you’re into.
@Chett Richards: Yeah what a hell hole. All the tropical storms and earthquake’s and tsunamis and all the poisonous spiders and snakes. And abject poverty that we all live in. Having to drink manky water. And living under a putin like regime. Jesus christ what hellhole
@michael odwyer: yeah your right there would never be parts of the country under boil notices for months at time. Never ever ever. Oh wait
Not any thing new, Black Axe has been in Ireland for years and when they get caught they get suspended sentences…
Even Heisenberg would be struggling with the cost of diesel and electricity prices now.
How do I get a piece of this action???
The cheek of these students muscling in on the banks core business.
Reminder that 25% of our top 400 richest citizens pay essentially zero in tax. They’d all like to thank you for continuing to focus on the poor and children. They’d like to, but they’re too busy spending their untaxed billions.
This is the consequences of “know your customer”.
Before that the bad guys opened accounts in fake names but since “know your customer” they can’t, so instead they prey on the naive and turn them into criminals.
All it has achieved is to make it hard for people to open bank accounts and to create a new class of victims.
@Steve O’Hara Smith.: so “all it has achieved” is to make it demonstrably more difficult to launder ill gotten gains via the financial system? And it hasn’t created “a new class of victim”, it has created a new class of criminal. In fraud crimes it’s really quite easy to differentiate between the criminals and the victims, the ones making money are not, and never will be, the victims.
@Ignatius J Reilly: It hasn’t reduced the amount of laundered money by a single cent.
The kids who fall for this are not the criminals whose money derives from theft, drugs, pimping and protection. They’re duped innocents who fall for an easy money temptation.
@Steve O’Hara Smith.: where’s the data to show it hasn’t reduced laundering? And the ‘kids’ who fall for this are very literally criminals. When they’re caught they have to go to criminal courts and get criminal convictions and everything. I’m yet to hear of a single one to get a duped innocent conviction.
@Ignatius J Reilly: Then you haven’t been in the court when one is on trial.
What about the millions SF/IRA funnel in from abroad ?
@Oisin CK: why don’t you use the raj page anymore stephen?
@Oisin CK: reminder that without the IRA you’d be English.
Sure maybe that’s what you want.
have your say