Taking Action on Money Mules: Four Key Components to Build an Effective Program

Implementing controls to identify scams is only one side of the fraud problem. On the flip side – and what is often overlooked – are controls to identify the money mule accounts that facilitate these attacks. But this is starting to change as regulators in some countries, most notably the UK, push for financial institutions to establish a money mule control program and require receiving banks to share liability for scam losses due to weak money mule controls.

So where do you start? Download the white paper to explore four key components of building a money mule account management program, the primary controls and considerations for each, and recommendations for reporting metrics to monitor for ongoing improvement and success.