Bank of Ireland is warning people to avoid being fooled into letting criminals use their bank account on the promise of a financial reward.
Money mules are individuals who receive stolen money or proceeds of crime, knowingly or unknowingly, into their bank account and then transfer it to another account, often in return for money or an expensive gift.
Many money mules are recruited through social media, via ads and even job opportunities that promise a quick and easy way to make money. Criminals will also target young people, approaching them near to school, college, university, sports clubs, or other places young people socialise.
What might seem like a quick and easy way to make some cash could really be supporting money laundering for organised criminals, and if caught, money mules face serious consequences including a criminal record, prison sentence and long-term difficulties in accessing future financial services.
Allison Ewing, Fraud Manager, Education & Awareness, Bank of Ireland UK explains: “Initially it’s hard to see the harm in letting others use your bank account but it has very serious consequences. Far from being victimless, often the funds are linked to criminal activity, from terrorism, drugs, people trafficking, fraud, and more. Anyone who lets their bank account be used to receive these funds, whether knowingly or not, is laundering money and placing themselves in the middle of criminal activity.
“We’re encouraging people to know the signs and avoid falling victim to money mule recruiters and reminding them to Stop, Think and Check – if something sounds too good to be true, then it probably is.”
Stop:
- Don’t be fooled by unsolicited emails or approaches promising opportunities to make money quickly.
- Don’t be tempted to use your bank account to move money to another account for anyone else
Think:
- Why can’t this person put the funds in their own account – can you be entirely sure where any money has come from?
- What could be the consequences of receiving money or funds that belong to someone else into your account – criminal record, jail and long-term financial difficulties.
Check:
- Research any work from home opportunities that only need a bank account – check their contact details to ensure they are legitimate.
- This is your bank account, and you are responsible for it – check that you are comfortable to be accountable for any transactions that go in and out of it.
And remember, never agree to open a bank account to be used by a ‘friend’ or anyone else.
If you or anyone you know has been approached to act as a money mule or if you have been the victim of this crime report it to your bank and the PSNI. If you are worried that someone close to you might be caught up in money-muling you can contact Crimestoppers anonymously on 0800 555 111.
Bank of Ireland’s fraud team is available to support customers 24/7 and can be contacted on the Freephone line 0800 121 7790 or by dialling 159, the memorable short code number that connects consumers safely with their bank.
More advice and information on fraud is available at: Security and Fraud – Bank of Ireland UK website
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