International Fraud Awareness Week: Day Five – Money Muling

As part of Fraud Prevention series for International Fraud Awareness Week, today's theme focuses Money Muling.

Money Muling is a type of Money Laundering where a ‘money mule’ transfers or moves illegally acquired money on behalf of someone else.

Criminals recruit money mules to help launder proceeds derived from online scams and frauds or crimes like human trafficking and drug trafficking. The Money Mule will typically:

• Receive money from a third party in their bank account.
• Instructed to transfer it to another account / person or takes it out in cash.
• Give it to someone else, obtaining a commission for it.

While money Muling might initially appear to be an easy fix for those who are struggling financially or want to make some extra money, young people need to be aware that money Muling is effectively money laundering and therefore a criminal offence.

Money mules are typically recruited though social media in what appears to be a friendly approach by the criminal offering ‘easy’ money in return for something which appears as simple as opening a new current account on behalf of the criminal or using their own current account to lodge or transfer money.

The consequences of becoming involved in Muling are very serious!

• Teens who are recruited as money mules can be threatened with violence or physically attacked if they do not continue to allow their account to be used by the criminals to transfer money.
• As well as having a criminal record, money mules who are caught face having their current account closed and will have difficulty opening another account and accessing loans or other credit facilities in the future.

NEVER EVER agree to open a Current Account in your own name for the purpose of receiving incoming or transferring payments on behalf of someone else.

If you believe you have been involved in a Money Muling request report it immediately to your Credit Union, An Garda Siochana or Credit Union Card Services on +353(1)6933333.

For more information, please visit https://currentaccount.ie/support/card-safety-guidelines/