Protect Yourself: Money Mule Scams Targeting Older Adults
Fraudsters are targeting older adults in a growing scam known as a “money mule” scheme. Ireland Bank is sharing this alert to help you recognize the warning signs and protect yourself and your loved ones.
What Is a Money Mule Scam?
A money mule scam happens when criminals trick someone into moving or depositing money for them—often without realizing the funds are tied to illegal activity.
In a recent scheme identified by the FDIC Office of Inspector General, scammers are using fake U.S. Savings Bonds and asking older adults to deposit and cash them through their personal bank accounts in exchange for payment.
Once the funds are withdrawn, the bonds are discovered to be fraudulent—leaving both the individual and the financial institution with losses.
How the Scam Works
- A stranger approaches you in person, online, or through social media
- They ask you to deposit or cash bonds or transfer money for them
- They may promise payment or a “cut” of the funds
- They may ask you to keep the transaction a secret
Scammers often target individuals in assisted living facilities, nursing homes, or through social media outreach.
Red Flags to Watch For
- Someone asks you to use your bank account to move money
- You’re offered money in exchange for cashing checks or bonds
- You’re told to keep transactions private
- You’re contacted by someone you don’t know asking for financial help
How to Protect Yourself
- Never agree to cash checks or bonds for someone else
- Do not share your bank account information, PIN, or passwords
- Avoid meeting strangers asking for financial assistance
- Stop communication immediately if someone asks you to move money
If something doesn’t feel right, trust your instincts and contact your bank.
What To Do If You’re Targeted or Victimized
- Stop all communication with the individual
- Contact your bank immediately to secure your account
- Report the situation to law enforcement
You can also report scams to the national hotline:
- National Elder Fraud Hotline: 1-833-FRAUD-11
We’re Here to Help
At Ireland Bank, your security is our priority. If you ever have questions about a suspicious request or transaction, please reach out to your local branch before taking action.
This information is based on a public service alert issued by the FDIC Office of Inspector General regarding money mule scams targeting older adults. For full details, visit the official alert here: FDIC OIG Money Mule Scam Alert
Ireland Bank provides this information as a community educational resource. Customers should always contact their financial institution directly if they suspect fraudulent activity.
