Almost €9.4m laundered through money mule accounts – survey
Almost €9.4 million was laundered through money mule accounts in the 12 months to June 2025, according to new figures released today by FraudSmart, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI).
While the amounts moved through these accounts vary, they typically range between €5,000 and €10,000 per case. The publication of today’s figures come as FraudSmart, with support from AMLÉ (formerly the Union of Students Ireland or USI), launched the ‘Don’t be a mule’ campaign for 18-24-year-olds.
A money mule is someone who receives stolen money or proceeds of crime into their bank account and transfers it into another account, often in return for money or an expensive gift. While people of any age are susceptible to becoming a money mule, FraudSmartT members have found that the majority of money mule bank accounts belong to those aged between 18 and 24, with some cases involving children as young as 14.
Research conducted by FraudSmart revealed that almost a third (30%) of 18-24-year-olds reported that they, or someone they know, have been approached to use their bank account to transfer mone; one in four (27%) 18–24-year-olds admitted they would be likely to consider using their bank account to transfer money on behalf of someone else, in exchange for keeping some of the money; and almost half (47%) of 18–24-year-olds said they had never heard of the term ‘money mule’.
Awareness of the consequences of money muling is lower among college-age compared to older age groups. One quarter (26%) were unaware that it could help fund other criminal activity; 31% were unaware that they would be committing a money laundering offence; 35% do not understand they could face jail time; and 42% were unaware it could affect their ability to obtain international travel or work visas.
Some 60% of parents of teenagers surveyed said they have not discussed the risks of money muling with their children.
Niamh Davenport, head of financial crime, BPFI said: “Criminals are increasingly using social media to target teenagers and young adults, luring them with cash or gifts to act as money mules. Alarmingly, our research shows that nearly one in three (30%) people aged 18-24 have either been approached themselves or know someone who has been asked to move money through their bank account. Even more concerning, more than one in four (27%) of this age group admit they would be willing to transfer money on behalf of someone else in exchange for keeping a share of the money. This willingness highlights just how critical it is that we raise awareness of the risk – both in terms of serious criminal consequences and the fact that money is often linked to wider financial crime networks that fuel drugs, human trafficking, and other serious offences.
Michael Cryan, Detective Superintendent at the Garda National Economic Crime Bureau added: “It’s vital that young people realise this is far from a ‘victimless’ crime and the consequences of taking part are severe. This is money laundering and the funds moved by money mules are linked to criminal activity, often stolen from innocent people through scams such as text message and email scams. Even more alarming, these funds frequently go on to bankroll other serious crimes including terrorism, drug trafficking, human trafficking and pay the bribes that corrupt people the world over. Money mules are recruited by Transnational Criminal Organisations and money mules enhance their capability to commit serious crimes. The money mule is a vital cog in the operations of these Transnational Criminal Organisations. That’s why money muling carries such serious penalties, including the risk of a criminal record and prison sentence.”
Vice President for Welfare, AMLÉ, (formerly Union of Students in Ireland) Emma Monahan, added: “The new college term is an exciting time, but it often brings financial pressures – making offers of ‘quick and easy money’ seem tempting. We want students to understand the risks of being coerced or conned into working with fraudsters, which could damage their future ability to get loans or even travel abroad, including to Australia or on a J1. College should be about learning, building friendships and preparing for the future but it can also be expensive, and we urge any student worried about costs or other challenges to reach out to their Students’ Union for advice and support.”
To avoid falling victim to money mule recruiters it is recommended any businesses involved be checked for legitimacy; to be particularly cautious of offers from people or companies overseas seeking ‘local/national representatives’ or ‘agents’ to act on their behalf as it is difficult to verify their legitimacy; and not to accept any job offers that ask you to use your own bank account to transfer money.
Never give your bank account details to anyone unless you know and trust them. Never allow your bank account to be used by someone else. Never agree to open a new bank account in your own name in order to receive payments on behalf of a ‘friend’ or criminal.
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