MULE ACCOUNT Detection

Mules in the Middle

BioCatch Mule Account Detection identifies mule activity at account opening and within existing accounts to help you mitigate financial, reputational and regulatory risk.

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Mule Account Fraud In Numbers

90%+

Percent of money mule transactions directly linked to cybercrime

78%

Increase in money mule activity among persons under 21

33%

Percent of financial institutions that cite a lack of resources to control mule activity

79%

Percent of confirmed mule accounts that were highly active 90 days prior to an incoming payment

Understanding Mule Account Complexities

Mule accounts play a critical role in the fraud supply chain infrastructure and the money laundering process. Detecting mule accounts is a complex process as cybercriminals employ various methods to launder stolen funds. BioCatch has identified five persona types to look out for when detecting mule accounts. Understanding these personas and common behaviors associated with each one can help prevent mule accounts at account opening as well as detect mule activity within existing accounts.

Click below to explore each mule persona in more detail:

deceiverpeddleraccomplicechumpvictim

The Emerging Case for Proactive Mule Detection

Mule accounts and money laundering remain a huge problem for financial institutions, but the problem remains largely unsolved. Money mules come in many forms, each with different goals and behaviors that require unique approaches to solve. Access the latest research from Aite-Novarica to learn what leading banks expect for future rates of mule activity, current approaches to managing the problem, and how they are mobilizing to address it.

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Stop the Journey of Fraudulent Payments

BioCatch Mule Account Detection delivers comprehensive protection against all types of mule scenarios by analyzing a user’s physical and cognitive behavior to identify high-risk activity associated with money laundering.

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Every new or undiscovered mule account creates multiple risks for financial institutions:

  • money-01

    Financial Impact
    Money laundering using mule accounts can lead to significant financial losses from undetected fraudulent payments.

  • rep1-01

    Reputational Damage
    Mule activity can cause irreversible damage to a financial institution’s brand and a loss of customer trust.

  • reg1-01

    Regulatory Risk
    Failure to take proper action to detect or prevent mule activity can put a financial institution at risk of violating Anti-Money Laundering (AML) regulations.