Over €7 million laundered through money mule accounts as young adults face growing risk.

New research highlights a sharp rise in young adults being approached to use their bank accounts to transfer money, with serious consequences for those who become involved.

More than €7 million was laundered through money mule accounts in the 12 months to June 2026, according to figures released by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI).

New research reveals that 44% of adults aged 18–34 have either been approached themselves, or know someone who has been approached, about using their bank account to transfer money. This represents a significant increase from 24% in the previous survey in 2025.

Of further concern, more than one in three young adults aged 18–34 say they would consider allowing their account to be used in exchange for payment.

What is money muling?

A money mule is someone who allows their bank account to receive or transfer money obtained through criminal activity. Criminals often recruit people by offering cash, gifts or promises of easy money in exchange for using their accounts to move funds.

Although people of all ages can be targeted, FraudSMART members report that most identified money mule accounts belong to individuals aged 18–34, with some cases involving children as young as 14.

Young adults are increasingly being targeted

FraudSMART's research highlights several concerning findings:

• 37% of 18–24-year-olds and 35% of 25–34-year-olds would consider allowing their bank account to be used to transfer money in exchange for payment.

• One in five adults (21%) have been approached, or know someone who has been approached, to use their account to transfer money, up from 13% in 2025.

• Among 25–34-year-olds, the proportion reporting an approach has more than doubled, increasing from 20% to 43%.

• Almost one-third (31%) of 18–24-year-olds were unaware that money muling could result in a criminal record.

• 40% of 18–24-year-olds did not know that involvement in money muling could affect their ability to obtain an international travel or work visa.

Recruiters often approach potential money mules through social media, messaging apps, fake job advertisements or people they know. These offers may appear legitimate, but allowing someone else to use your bank account to move criminal funds can have serious consequences.

The serious consequences of money muling

Money muling is not a victimless crime. Allowing your account to be used to receive or transfer criminal funds can help organised crime gangs conceal the proceeds of illegal activity.

Those who become involved may face prosecution, a criminal conviction and imprisonment. It can also have long-term consequences for future employment opportunities, access to financial services and international travel.

Never allow another person to use your bank account to receive or transfer money on their behalf, regardless of the payment or reward offered.

How to protect yourself from money mule scams

Follow these tips to help protect yourself and your bank account:

1. Be cautious of offers of easy money. Be particularly careful with unsolicited offers received through social media or messaging apps.
2. Question suspicious job offers. Never accept a job that requires you to use your personal bank account to transfer money for someone else.
3. Keep your bank account private. Never allow another person to use your account to receive or transfer funds.
4. Do not open an account for someone else. Never open a bank account in your name for another person to use.
5. Report suspicious approaches. If someone asks to use your account, do not proceed. Contact your bank and report the matter to An Garda Síochána.

What should you do if you are approached?

If you have been approached about becoming a money mule, or believe you may have been involved in this type of activity, contact your bank as soon as possible and report the matter to your local Garda station.

For further information and advice on recognising and avoiding fraud, visit FraudSMART.

People First Credit Union encourages members to stay vigilant, protect their personal banking details and never risk their financial future for the promise of easy money.