If someone has asked you to hold or move money through your personal bank account, it might seem harmless, but you could be taking part in a criminal activity known as money muling.
What is Money Muling?
Money muling happens when criminals ask you to transfer money on their behalf using your bank account. They might send the money to your account and ask you to withdraw it and send it elsewhere, often abroad. In return, they usually offer you a small cut as a ‘reward’. While it might seem like an easy way to make money, if that money comes from illegal activities, you’re involved in money laundering.
Even if you didn’t know the money was connected to crime, you can still be prosecuted. You could end up with a criminal record, be fined, sentenced to prison, or given community service. On top of that, your bank account could be permanently closed. You may also find it difficult to get loans, open new accounts, or apply for a mortgage. Even things like phone contracts or travel visas, including J1s and entry to countries like Australia, can become impossible.
Where is the Money Coming From?
The money moved by money mules often comes from text message scams that steal money from innocent people. Once it’s been moved through accounts, that stolen money may end up funding serious crimes such as drug trafficking, terrorism, or human smuggling.
Who is Being Targeted?
Young people are the most common targets. In fact, most money mules are between the ages of 18 and 24, but there have been cases involving children as young as 14 or 15. Criminals often use social media to make contact, posing as friendly strangers or offering what looks like a legitimate job. They may also approach young people outside schools, colleges, or sports clubs. They promise easy money with little effort.
These scams are often made to look real. The website may look professional and copy the branding of real companies. The email address might seem official but may actually come from a free service like Gmail or Yahoo, instead of an organisation-based domain. The whole setup is designed to trick you into believing it’s a genuine opportunity.
One in three people aged 18 to 24 say they would consider letting someone use their bank account to move money if they got to keep a portion of it. But what seems like a quick solution to financial stress can lead to lifelong consequences.
How to Protect Yourself
The most important thing you can do is be cautious. If an opportunity to earn money seems too good to be true, it probably is. Always question unsolicited offers, especially those received through social media or email. Never give your bank account details to anyone you don’t know and trust. If you are ever unsure, take the time to research the company or individual who contacted you. Check if the business has a legitimate address, website, and landline, and confirm if they’re registered in Ireland.
If you’ve received an email or message like this, don’t respond and don’t click on any links. Instead, report it to the Gardaí.
What To Do If You’ve Been Involved
If you think you may already be involved in a money mule scheme, the first thing to do is stop. Do not transfer any more money. Immediately contact your bank, the payment service you used, and report what has happened to the Gardaí. You should also refuse any request to open a new account to continue transferring money.
#DontBeAMule
Check out these links for further information:
https://www.fraudsmart.ie/2024/03/18/money-mule-alert_gmw/
https://www.dublinlive.ie/news/teens-duped-being-money-mules-29956660