Almost €9.4 million was laundered through money mule accounts in the twelve months to June.

That’s according to new figures released today by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland.

While the amounts moved through these accounts vary, they typically range between €5,000 and €10,000 per case. The revelation comes as FraudSMART, with support from AMLÉ (formerly the Union of Students Ireland or USI), launches the ‘Don’t be a mule’ campaign.

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.

While people of any age are susceptible to becoming a money mule, FraudSMART members have found that the majority of money mule bank accounts belong to those aged between 18 and 24 years of age, with some cases involving children as young as 14.

New research conducted by FraudSMART reveals that 30 per cent of 18 to 24-year-olds reported that they, or someone they know, have been approached to use their bank account to transfer money.

One in four of the same age cohort admitted they would be likely to consider using their bank account to transfer money on behalf of someone else, in exchange for keeping some of the money.

And 60 per cent of parents of teenagers surveyed said they have not discussed the risks of money muling with their children.

“Criminals are increasingly using social media to target teenagers and young adults, luring them with cash or gifts to act as money mules,” said Niamh Davenport, Head of Financial Crime, BPFI.

“Alarmingly, our research shows that nearly one in three people aged 18–24 have either been approached themselves or know someone who has been asked to move money through their bank account.

“Even more concerning, more than one in four admit they would be willing to transfer money on behalf of someone else in exchange for keeping a share of the money.

“This willingness highlights just how critical it is that we raise awareness of the risk – both in terms of serious criminal consequences and the fact that money is often linked to wider financial crime networks that fuel drugs, human trafficking, and other serious offences,” she added.

Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau said it was vital that young people realised this is far from a ‘victimless’ crime and the consequences of taking part were severe.

“This is money laundering and the funds moved by money mules are linked to criminal activity, often stolen from innocent people through scams such as text message and email scams,” he said.

“Even more alarming, these funds frequently go on to bankroll other serious crimes including terrorism, drug trafficking, human trafficking and pay the bribes that corrupt people the world over.”

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. More information, alerts and tips can be found on www.fraudsmart.ie.

Pictured: Niamh Davenport, Head of Financial Crime, BPFI.