14-YR-OLDS PREYED ON IN MONEY MULE CONS
TEENAGERS as young as 14 act as money mules in Ireland after being recruited through social media adverts promising “easy money”.
This is according to a new study by the Banking and Payment Federation of Ireland (BPFI), which has found young people are most at risk of letting criminals deposit money into their bank account in exchange for cash.
One third of 18 to 24-year-olds said 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, the BPFI’s fraud awareness initiative FraudSMART has found.
Niamh Davenport, Head of Financial Crime at BPFI, 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.”
The majority of money mules’ bank accounts belong to those in the 18-24-yearold age group.
However, according to FraudSMART, some are as young as 14.
Out of a survey of 1,000 people in this age group, almost half (45 per cent) said they have been approached, or know someone who has been contacted to use their bank account to transfer money. (pic posed)
Visas
A quarter of 18 to 24-year-olds said they were unaware that it could help fund other criminal activity while 38 per cent didn’t know they could face jail time. Over half (57 per cent) said they were unaware it could affect their ability to obtain international travel or work visas.
This comes as over €44m has been laundered through money mule accounts in Ireland over the last three years.
During this period, almost 8,932 cases of money muling has been identified by FraudSMART.
The amount transferred varied, but typically ranges between €5000 and €10,000.
The fraud awareness initiative has kickstarted a campaign on Snapchat and TikTok using the hashtag #DontBeAMule.