A sharp increase in 'money mule' transactions saw a total of more than €12m moved through bank accounts in the first half of the year, with the majority of incidents involving young people - some as young as just 15.
More than 3,000 cases show criminals are deliberately targeting teenagers and young adults when recruiting money mules, figures from the Banking and Payments Federation Ireland (BPFI) show.
Worryingly, the number of bank accounts linked to money mules has almost doubled on a year ago.
"With the average sum which is transacted through money mule accounts in the region of €4,000, the data collected from FRAUDSMART members also shows that the majority of money mule accounts belonged to young adults, between 18 and 24 years of age, with some as young as 15," the BPFI reported yesterday.
A money mule allows cash to be passed through their bank account, which launders it and makes the money appear as if it is from a legitimate transaction.
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A conviction for this offence carries serious consequences with jail terms of up to 14 years.
