Students face fraud through money mule and rental scams

All consumers, particularly students, are urged to be vigilant to the risks of being recruited as a money mule, writes John Hearne

Fraudsmart members identified over 2,600 money mule accounts in the first half of this year. An average of €10,000 was moved through these accounts.

New figures from Fraudsmart, the banking industry’s fraud awareness initiative, show that almost €17.5m was illegally transferred through money mule accounts in the first half of this year. That’s a rise of almost 50% on figures from the same period in 2022.

So what’s a money mule? This is simply someone who receives criminal money into their bank account and transfers it into another account, often in return for money or an expensive gift. Fraudsmart members identified over 2,600 money mule accounts in the first half of this year. An average of €10,000 was moved through these accounts—more than double the average observed in the first half of 2022.