‘Money mules’ can face criminal record and restrictions on travel, BoI warns

Bank of Ireland has warned young people that allowing their bank account to be used to transfer stolen money for a fee can lead to a criminal record.

The process, which is known as “money muling”, can also affect travel plans or future employment prospects, the bank said.

The warning comes as a number of Irish students plan to travel to the United States this summer on a J1 visa.

Young people and students can be recruited as moneymules on social media channels, with fraudsters targeting people as young as 14.

Criminals request to send stolen money into a bank account, which is then moved to another account that is usually located overseas. The bank account holder may also withdraw the cash and pass it to the person who recruited them.

The money mule may also be able to keep some of the cash transferred into the account for themselves as payment.

Bank of Ireland has advised account holders to ignore requests to make“quick and easy” money.

Fraudsters may also advertise jobs that seem genuine and promise a way to make money quickly. But they may only ask applicants if they have a bank account as part of the application process.

It is also advisable to verify anyopportunities that offer the chance to make money by simply working from home.

This includes checking the phone number and website of any companies offering such a position.

“Offers to make quick and easy money can seem appealing but this is a way that fraudsters use people as money mules,” said Bank of Ireland’s head of fraud, Nicola Sadlier.

“Young people and students are being approached with increasing regularity through social media channels including TikTok and Snapchat,” she said, adding that people are occasionally approached to do this as a favour for a friend or acquaintance.

“More often, they are offered a payment for use of their account.”

She warned that the consequences for such an action are quite stark, while being naive is not a defence.

“If you allowyour account to be used, it will be reported to gardaí and your account will be closed. Gardaí may arrest you or search your home,” she added.

“If you’re charged, you may have to appear in court, and it could have implications for getting bank loans, visas or jobs in the future.”