Global Money Week: Don’t Be a Money Mule

Global Money Week, taking place from 18th March – 24th March, is in its 12th year and the theme for 2024 is “Protect your money, secure your future”. With this in mind, we’re reminding everyone of the dangers of becoming a Money Mule.

Global Money Week (GMW) is an initiative of the OECD, and the Competition and Consumer Protection Commission (CCPC), is Ireland’s GMW co-ordinator.

As part of this theme, we are reminding our members to always exercise caution when it comes to using your account and debit card and to be vigilant against 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. Always remember that if a deal or proposal seems too good to be too, it probably is. Money Muling is a serious crime and could result in a prison sentence for participants.

Check out our top tips to spot – and avoid a Money Mule recruiter (also know as “a herder”)

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. A recent case in Kerry where teenagers got caught up in money muling for a criminal gang highlights the issue.

Further information can be accessed at www.ccpc.ie and www.globalmoneyweek.org.

If you have been approached to act as a money mule or have been a victim of this type of crime, report it to your local Garda station and contact your bank or your credit union.

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