'Far from a victimless crime:' More than €7m laundered through money mule accounts

FraudSMART found that the majority of money mule accounts belong to people aged 18-24, with some cases as young as 14.

Almost half of young adults have been either approached or known someone who has been approached to use their bank account to transfer money.

The statistic emerged as it was revealed by FraudSMART that more than €7m was laundered through money mule accounts in the 12 months up to June this year. 

The latest survey found 44% of 18- to 34-year-olds claim to either have been asked to let their accounts be used or know someone who has been asked.

A money mule is someone who allows their bank account to be used to receive and transfer stolen money or other proceeds of crime, helping criminals to launder those funds, often in return for money or an expensive gift. 

The survey found that the number of people who were approached in the 18-34 age bracket increased by 24% when compared to 2025. It also said that over a third of 18- to 34-year-olds would consider allowing their account to be used in this way in exchange for payment.

However, FraudSMART found that the majority of money mule accounts belong to people aged 18-24, with some cases as young as 14.

The survey revealed that men were almost twice as likely as women to say they would consider allowing their bank account to be used, at 20% compared with 12%.

When it came to the awareness of serious consequences, it was lowest amongst people aged 18-24. Some 31% of those were unaware they could end up with a criminal record, while 40% were unaware that money muling could affect their ability to obtain an international travel or work visa.

Head of Financial Crime at Banking & Payments Federation Ireland, Niamh Davenport, said the recruiters often tackle young adults through social media, messaging apps, fake job ads and peer-to-peer contact.

“Approaches are often disguised as legitimate opportunities with offers of so-called ‘quick’ or ‘easy’ money in exchange for allowing funds to pass through their bank account,” she said.

“These tactics are deliberately designed to appear low risk, but the consequences can be very serious,” Ms Davenport added. She also said it is "far from a victimless crime." 

"Individuals who allow their bank accounts to be used to transfer or receive criminal funds are helping organised crime groups to hide and move the proceeds of illegal activity. 

"Anyone tempted by the promise of easy money should understand that the consequences can be severe, including a criminal conviction for money laundering, imprisonment and long-term impacts on future employment opportunities, access to financial services and international travel."

President of student body AMLÉ, Daniel Walsh, added that third-level students are at particular risk of becoming money mules as they often “face significant financial pressures, making offers of quick or easy money appear tempting". 

“However, allowing someone else to use your bank account can have consequences that extend far beyond the initial payment, including a criminal record and serious implications for your education, travel and future career,” Mr Walsh said.

“We are encouraging students to speak to their Students’ Union, their bank or An Garda Síochána if they are concerned about an approach they have received,” he added.