In the first half of 2021, around 700'money mule' transactions worth €5 million passed through bank accounts.

The great majority of the occurrences concerned bank accounts belonging to 18 to 24-year-olds.

FraudSMART is reiterating its warning to young people and their parents about the dangers and long-term implications of money laundering.

"Criminals are deliberately targeting teens and young adults when recruiting money mules," said Brian Hayes, Chief Executive, BPFI. "It is critical that this age group, as well as their parents, fully understand how these crimes operate and how they can avoid becoming caught up in it," said Brian Hayes, Chief Executive, BPFI.

"In the current pandemic, this is more important than ever, with fewer part-time or summer employment opportunities available to young people due to public health restrictions." Criminals are well aware of this and are actively striving to profit from it."

Money mules are generally recruited over social media in what looks to be a pleasant approach by the criminal offering ‘easy' money in exchange for anything as simple as opening a new bank account on the criminal's behalf or utilizing their bank account to lodge or transfer money.

While money muling may appear to be a quick cure for individuals in financial need or who wish to make some additional cash, young people should be aware that it is effectively money laundering and thus a criminal offense.

"The consequences of becoming involved in muling are serious and can have a lifelong effect," Mr. Hayes warned. "If they do not continue to allow their account to be used by criminals to transfer money, teens who are recruited as money mules may be threatened with violence or physically attacked."

"As well as having a criminal record, money mules who are caught face having their bank account closed and will have difficulty opening another account and accessing loans or other credit facilities in the future."

Young People's Money Mule Warning Signs

• Beware if you receive an unsolicited e-mail or social media message that promises easy money for little or no effort.
• Never agree to open a new bank account in your own name in order to receive a transfer/inbound payments on behalf of the criminal.
• Do not accept any job offers that ask you to use your own bank account to transfer money – a real company will not ask you to do this.
• Never give your financial details to someone you don’t know and trust, in particular, if you have met them online.
• Acting as a money mule can damage your credit and financial standing.

Do you believe your child has been victimized? Parents/Guardians should be aware of the following red flags.

• Be on the lookout for signs of your child suddenly having extra money or becoming secretive, withdrawn or stressed.
• Additional red flags include the appearance of increased spending on new clothes or technology with very little explanation as to how they got the money
• Teens are particularly at risk because they are often unaware of the true nature of the activity that they are undertaking. They are attracted by the lure of money in return for the use of their bank account to move money on behalf of criminals.
• If you think your child may have become a victim of money muling, contact your local Garda station and inform their bank immediately.
• Being a Money Mule is a criminal offense under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and it can carry up to 14 years imprisonment.