More than €44m has been laundered through money mule accounts over the last three years.
That is according to the FraudSMART campaign at the Banking and Payments Federation Ireland (BPFI), which says almost 9,000 cases of money muling has been identified during that time.
Money mules are people who receive stolen money or proceeds of crime into their bank account.
They then transfer the cash into another account, often in return for money or an expensive gift.
Members of the FraudSMART campaign have found that most money mule accounts belong to those aged between 18 and 24 years of age, with some as young as 14.
However, people of any age can become involved in money muling they also warn.
"Criminals are increasingly targeting teenagers and young adults through social media adverts and messages to recruit them as money mules in exchange for money or gifts," said Niamh Davenport, head of financial crime at BPFI.
"It is worrying that, according to our research, almost half (45%) of 18–24-year-olds reported that they, or someone they know, have been approached to use their bank account for money transfers."
"Even more concerning is that one in three (34%) of this age group report being willing to lodge or transfer funds using their own bank account on behalf of someone else in exchange for keeping some of the money."
FraudSMART say the amounts moved through these accounts typically vary between €5,000 and €10,000 per case.
Research it carried out found that awareness of the consequences of money muling is lower among 18-24-year-olds compared to older age groups.
25% are unaware that it could help fund other criminal activity, while 38% do not understand they could face jail time.
57% said they were unaware it could affect their ability to obtain international travel or work visas.
"It’s crucial that young people understand that this is not a 'victimless’ crime and the consequences are severe for those who get involved," said Ms Davenport.
"Most of the money transferred by money mules is the proceeds of crime, often stolen from innocent victims of scams, including text message scams and other types of fraud that our own friends and family can fall victim to."
"Worse still, this laundered money is often used by criminals to fund serious criminal activities such as terrorism, drug trafficking and human trafficking. This is why the penalties for money muling are so serious and can result in a criminal record."
FraudSMART is today launching a major awareness campaign through Snapchat and TikTok, with support from the Union of Students in Ireland and the Department for Further and Higher Education.
"The new college term is an exciting time for many students, but it is also frequently a time of increased financial pressure, and we understand the temptation of offers to earn ‘quick and easy money’," said Niamh Doherty, Vice President for Welfare, Union of Students in Ireland.
"But we want to make sure students are aware of the risks of being coerced, conned, or tempted into working with fraudsters."
"It could affect your ability to get loans in the future or travel, including to Australia or on a J1."
"We know college can be a very expensive time and we urge any student worried about college expenses, or any other aspects of college life, to talk to their Students’ Union or College Welfare Office and they will be able to advise them on the supports available."
