Rise of illegal cash scams...
September 9, 1948
NEW figures have revealed how almost €17.5 million was illegally transferred through money mule accounts in the first six months of the year.
This was a rise of almost 50 per cent on figures from the same period in 2022.
Over 2,600 money mule accounts in the first half of this year with the average amount in the region of €10,000 transferred, which is also a rise of half.
The figures were released by FraudSMART, the awareness initiative led by Banking and Payments Federation Ireland.
A money mule is someone who receives criminal cash into their bank account and then transfers it.
In return, they often get a commission fee for as low as €50 but the payment may also be higher.
Gangs are targeting younger generations, aged 15 and up, but the majority of accounts used are controlled by those between 18 and 24.
Although much of the recruiting of these money mules is done online, there are also in-person approaches being made outside schools and colleges.
Niamh Davenport, Head of Financial Crime for the BPFI, explained: “There may be an ad saying, would you like to make a quick buck or a few hundred euro.
“It’s easy, all you need to do is give me your bank account details.
“Money will be transferred into your bank account and you will be asked to transfer that onto another bank account.
“So you are basically putting stolen money through the system and you get to keep €200. We’ve even seen €50 basically for transferring that money out.”
She added: “While people of any age are susceptible to becoming a money mule, our members have observed that the majority of money mule bank accounts belong to those aged between 18 and 24 years of age.
“Criminals frequently target young adults, usually recruiting them through social media ads and messages, but they are also known to approach young people in-person outside schools, colleges, or sports clubs.
Crime
“The money transferred by money mules are proceeds of crime, often stolen from innocent victims of text message scams and other types of fraud that our own friends and family can fall victim to.
“Not only that, but the money being laundered is often used by criminals to facilitate other serious crimes such as terrorism, drug trafficking and people smuggling.
“This is why the consequences faced for money muling are so serious and can result in a criminal record.”
Ireland is now a stronghold for the notorious Black Axe gang, whose emergence here is believed to be a major contributor in the rise of fraud and money mules play a key role for them.
The gang emerged in the 1970s in Nigeria where they carried out mutilation and ritual murders. It went on to build a powerful international network and is involved in fraud, drug trafficking and prostitution.
It has sent hundreds of people to Ireland to facilitate their scams, stealing and laundering over €60 million.
FraudSMART, with support from Minister for Further and Higher Education Simon Harris and the Union of Students Ireland (USI), is launching #DontBeAMule.
Through the likes of Snapchat and TikTok it plans to raise awareness among young adults.
Minister Harris said: “Money muling is not a victimless or harmless crime and has serious consequences for your future.
“With this campaign we’re raising awareness among students and young people about the risks of being targeted by criminal gangs through social media.”
For more information log onto www. fraudsmart.ie.
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