Bank of Ireland has warned today that 'money-muling' - allowing a bank account to be used to transfer stolen money for a fee - can lead to a criminal record and impact travel or employment prospects.
Bank of Ireland has warned today that"money-muling" - allowing a bank account to be used to transfer stolen money for a fee - can lead to a criminal record and impact travel or employment prospects."Money mules" receive stolen money into their account, then transfer it to another account, usually overseas, and keep some of the cash for themselves as payment or withdraw the cash and pass it on to the money mule recruiter.
Criminals are increasingly recruiting people as young as 14 to help launder stolen or illegal money using their bank account, the bank noted. It said that people should not be tempted to allow their own bank account to be used to move money to other accounts and people are advised to always verify any"working from home" opportunities to make sure that the business is legitimate, such as by checking their contact details - address, landline phone number, email address and website.
"Young people and students are being approached with increasing regularity through social media channels including TikTok and Snapchat and recruited as money mules. Sometimes people are approached to do this as a favour, but, more often, they are offered a payment for use of their account," Ms Sadlier said.
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