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.

Five Mule Personas

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How A Large Financial Services Organization Disrupted Mule Operations Using Behavioral Biometrics

A large financial services organization was increasingly targeted by account takeover attacks recently uncovered cybercriminals who were also attempting to open mule accounts to launder stolen funds. Find out how behavioral biometrics helped them uncover over 2,000 mule accounts and protect their trusted brand and reputation.

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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.

Download Solution Brief

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

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

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

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    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.

Additional Resources

 

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PODCAST

"Are You a Mule?"

A BioCatch Podcast dives into the phenomenon of online money mules. What is a mule? How does one become a mule? Why do or why should financial institutions care about mule activity? And what can be done to detect mules?

Listen Now >

 

 

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BLOG

"Mule Accounts: The Modern Day Gold Rush"

Money mules have become the modern day gold rush for cybercriminals. As Trace Fooshée said, “It’s easier than ever to abuse identity data to commit fraud, create bogus identities and create drop accounts to move stolen money.”

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