Over €12 million was illegally transferred by money mules in the first half of year

Gardai have warned college students of the dangers of becoming a “money mule” as new figures show the issue is on the rise.

Third-level students are one of a number of groups likely to be targeted to act as money mules as the cost-of-living crisis deepens.

A money mule is a person who allows their bank account to be used for the transfer of another person’s stolen or illegal money.

This comes as more than €12m has been illegally transferred via money-mule accounts in the first half of this year, the latest figures from the Banking & Payments Federation Ireland (BPFI) reveal.

BPFI reported that the number of bank accounts linked to money mules stood at 3,000 in the first half of 2022, almost doubling from a year earlier.

The data also illustrated that the average sum which moves through money-mule accounts now stands at €4,000.

The majority of money-mule accounts that have been discovered belonged to those aged between 18 and 24.

Vulnerable people such as those who are new to the country, students, people who are unemployed or under financial pressure are also likely to be targeted. Those who purchase illegal drugs may be offered to pay off their drug debt by becoming a money mule.

Gardaí caution that ignorance is no excuse, and the penalties include a prison sentence of up to 14 years, a criminal conviction with a lifetime criminal record, extradition to the country where the predicate crime occurred, and not being permitted to open another bank account.

Young people are asked to heed warning signs. For instance, an approach via a social media platform or in-person (usually in a social setting or at college) with an offer to make easy money. The individual who makes the approach only uses a social media handle and will not provide information to identify themselves. The person approached is then requested to provide all details relating to their account, including online security access codes.

There can also be advertisements for jobs on online platforms offering seemingly easy or quick money that are in fact a recruitment front for money mules.

Anyone who thinks they are being approached to become a money mule should refuse to provide their bank details and to contact An Garda Síochána. If an account has already been compromised, the account holder should contact their bank and An Garda Síochána.

Earlier this month, An Garda Síochána confirmed that over 830 money mules had been identified in Ireland in the past number of years.

The Garda National Economic Crime Bureau estimate that there are at least 4,000 money mules linked to their investigations who have used Irish addresses. The vast majority are young people in all corners of Ireland.

Speaking today, Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau (GNECB) said,

"Those who agree to allow their bank account to be used for the transfer of illegally obtained money may not necessarily realise that they are enabling very dangerous international criminal organisations and are involving themselves with these criminals.

"It seems quite simple and at the same time quite lucrative, but the reality is that those who allow their bank account to be used are taking a huge personal risk. More than that, they are in essence assisting ruthless criminals involved in human trafficking, people smuggling, terrorism, and even wars.

"An Garda Síochána is sending this warning because it isn’t the hardened criminals face on CCTV at an ATM. It isn’t their phone number or bank account details linked to the transfer of illegal gains – it’s those of the money mule – if an offer sounds too good to be true it probably is. There is no easy money to be made”