eBook: Hunting money mules with 360-degree view of identities
Understand how money mules operate and why forward-thinking organisations leverage digital, physical, e-mail and behavioural intelligence to help prevent money mules from facilitating fraud.
Money mules play an important role in networked fraud schemes
Money mules are a key enabler of digital banking fraud, which impacts consumers and organisations across the globe. As scams and other types of fraud grow in sophistication and intensity, so does fraudsters’ reliance on money mules.
A money mule is a bank account, or the holder of the account, necessary for receiving fraudulent funds so these can be transferred and cashed out.
Mules are also often used for the purposes of laundering money through the financial system. In this instance, their aim is to help obscure the trail of ill-gotten gains and make it more challenging to trace the ultimate recipients.
Money can be moved rapidly through large networks of seemingly unconnected mule accounts held at multiple financial institutions, making it harder to track.
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