An expert has warned of new ways criminals are approaching young people to recruit them as money mules “as a way to make quick cash.”
Platforms like TikTok and Snapchat are being used to attract people as young as 15 into carrying out the crime while some are even being approached in person outside schools.
A money mule is a person who agrees to use their bank account to launder money - which is illegal and carries jail time for those caught.
READ MORE: Gardai identify around 3,000 money mules in Ireland amid 'explosion' of recruitment by mobs
In response to this, gardai have warned students of the hefty charges they face should they agree to the crime.
Not only would they be prosecuted for the specific crime, they would also be left with a lifelong criminal record - which would prevent them from being eligible for foreign work visas.
They could face difficulties accessing financial supports including loans and mortgages in the future.
Banking and Payments Federation Head of Financial Crime Niamh Davenport spoke to Newstalk Breakfast and said more and more people are agreeing to take part in this criminal actitvity because of the cost-of-living crisis.
She said younger people know what they are being recruited for but said they need to be awre of the “severe consequences” for those who get caught.
“They can be imprisoned for up to 14 years and they can be fined, but there is also, especially for younger people, more lifelong consequences to understand,” she explained.
“You won’t be able to apply for visas because you’ve got a criminal record – so if you want to go to the US or Australia or anywhere like that.
“Your bank accounts are closed. You are going to have difficulty accessing financial services going forward or getting loans or mortgages.
“Your career opportunities will suffer because you’re going to have to declare again that you have a criminal record.
“So obviously being arrested and going to prison is bad enough but this is going to impact the rest of your life.”
Banks and gardai are working together effectively to catch money mules and Davenport said that: “Everything is being monitored in your bank account so we are picking it up."
There have been 34 people arrested this year after a joint Garda and Interpol investigation into the sending of fraudulent emails and money laundering.
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