More than €44m laundered through money mule accounts in three years

More than €44 million has been laundered through money mule accounts in the three years to the end of June, according to figures by the banks.
A money mule is 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 an expensive gift.
The data, published by FraudSmart, the fraud awareness initiative led by Banking and Payments Federation Ireland (BPFI), show almost 9,000 money mule cases over the same period.
While the amounts moved through these accounts varied, they typically ranged between €5,000 and €10,000 per case.
While people of any age are susceptible to becoming a money mule, the banks have observed that the majority of money mule bank accounts belong to those aged between 18 and 24 years of age, with some as young as 14.
Nearly half of 18- to 24-year-olds reported that they, or someone they know, had been approached to use their bank account to transfer money.
One in three of them admitted they would consider using their bank account to lodge or transfer money on behalf of someone else, in exchange for keeping some of the money.
Awareness of the consequences of the activity was lower among 18- to 24-year-olds compared with older age groups.
A quarter were unaware that it could help fund other criminal activity, while 38 per cent did not understand they could face jail time, and 57 per cent were unaware it could affect their ability to obtain international travel or work visas.
More than six in 10 parents of teenagers said they had not discussed the risks of money mules with their children.
BPFI head of financial crime Niamh Davenport 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. “It is worrying,” she said.
“It’s crucial that young people understand that this is not a victimless crime and the consequences are severe for those who get involved.
“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.
“Worse still, this laundered money is often used by criminals to fund serious criminal activities such as terrorism, drug trafficking and human trafficking. This is why the penalties for money mulling are so serious and can result in a criminal record.”