Parents urged to talk to young people about the risks of money mule scams

This October, Bank of Ireland is encouraging parents to have an important conversation with their children about the dangers of money mule scams and the serious consequences they can carry.

The warning comes as criminals increasingly target young people, including some as young as 14, through social media and messaging apps. The National Crime Agency¹ estimates that around six in ten money mules are under 30 years old, with the majority recruited between the ages of 17 and 24.

Recruited as ‘money mules’, young people are offered what appears to be easy money in exchange for allowing funds to pass through their bank account, transferring money to another account, or withdrawing cash and passing it on to a third party.

While it may seem harmless, money-muling is not a victimless crime. Criminals use money mules to move the proceeds of serious organised crime, including fraud, human trafficking and drug trafficking. The consequences can also be severe, with individuals facing criminal prosecution, frozen or closed bank accounts and difficulties accessing financial services such as loans or mortgages in the future.

Allison Ewing, Manager, Fraud Awareness & Education, Bank of Ireland UK explains:

“We’re encouraging families to have open conversations about the risks of money mule scams. Criminals are becoming increasingly sophisticated in how they target young people, often presenting what appears to be an easy way to make money with little effort or risk.

The reality is very different. Becoming a money mule can have serious long-term consequences, affecting access to banking services, future employment opportunities and even resulting in criminal prosecution.

For anyone who has allowed their account to be used and didn’t realise the potential impact, contact your bank as soon as possible. Coming forward early can make a real difference, and banks are there to help and support customers who may have been targeted by criminals.”

To help families start the conversation, Bank of Ireland is encouraging parents to speak to their children and ensure they know:

• To beware of advertisements that seem genuine but promise a quick and easy way to make money, and all you need is a bank account.
• That they shouldn’t allow someone else to use bank account.
• That they shouldn’t allow their bank account to be used to move money to another accounts.
• That they should contact their bank as soon as possible if they have been the victim of a money mule scam, as early action can help stop the scam.

Through its Fraud Awareness and Education programme, Bank of Ireland works with schools, community organisations and customers across Northern Ireland and the UK to help people recognise and avoid fraud and financial crime.

For further guidance on staying safe from fraud, visit our Security and Fraud page.