Fraud Alert

Has someone asked you to ‘mind’ their money in your personal bank account?

#DontBeAMule This could be money muling, a serious crime that can result in a prison sentence

It’s Global Money Week and FraudSMART is alerting the public, especially young people, about the risks of Money Muling. A money mule is someone recruited by criminals to receive money into their bank account in order to transfer stolen or fraudulent money to another account or withdraw the money and wire it overseas. This is often done in return for a 'fee' or a commission.

There has been an increase in the numbers of money mule accounts identified in recent years, likely reflecting increased levels of activity in text message scams and investment fraud, as criminals seek ways to launder their profits. FraudSMART members identified over 2,600 money mule accounts in the first half of 2023 with the average amount moved through the accounts in the region of €10k, more than double the average amount observed in H1 2022.

1. Be very cautious of unsolicited emails or approaches promising opportunities to make easy money, particularly on social media.
2. Thoroughly research any work from home opportunities and do not get involved unless you are sure the business is legitimate.
3. 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. 
4. Do not accept any job offers that ask you to use your own bank account to transfer money.
5. Never give your bank account details to anyone unless you know and trust them.
6. Never allow your bank account to be used by someone else. 
7. Never agree to open a new bank account in your own name in order to receive payments on behalf of the criminal.