Money mule accounts used to launder over €7m in Ireland

Young people in Ireland increasingly targeted

FraudSMART figures show that more than €7m moved through money mule accounts in Ireland last year.

RTÉ reported that the laundering took place in the 12 months to June.

The Banking & Payments Federation Ireland, or BPFI, runs FraudSMART and compiled the figures.

Through a money mule, criminals can move stolen money or proceeds of crime through their bank account.

Often, mules do it for payment, or in return for a gift. As per FraudSMART research, most money mule accounts are held by 18 to 34-year-olds.

However, the figures show that some cases involved children as young as 14.

How criminals recruit money mule accounts in Ireland

According to Niamh Davenport, BPFI's head of financial crime, recruiters target people of all ages.

They especially focus on younger people, reaching them via social media, messaging apps, fake job posts and word of mouth.

"Approaches are often disguised as legitimate opportunities with offers of so-called 'quick' or 'easy' money in exchange for allowing funds to pass through their bank account," she said.

The consequences of money muling

BPFI also said that awareness of the risks runs lowest among 18–24-year-olds.

Just 31% knew they could end up with a criminal record, while another 40% did not know it could affect a travel or work visa.

"These tactics are deliberately designed to appear low-risk, but the consequences can be very serious", Ms Davenport cautioned.