BioCatch Report: Global money mule networks
Using behavioral and device intelligence to shine a light on money laundering
BioCatch’s first ever global report reveals the scope and scale of the money laundering problem inside the global financial system
In this report, you’ll discover:
• Money mules are everywhere: BioCatch received reports of nearly 2 million money mule accounts from the 257 financial institutions on five continents deploying the company’s anti-fraud, -scams, and -financial crime solutions in 2024.
• Young people most vulnerable: Nearly two-thirds of money mules in the UK are younger than 30. In the U.S., those 25-35 are most likely to enlist – unwittingly or intentionally – as money mules, often enticed by the prospect of a side hustle.
• Most unaware of potential punishments: The average money laundering sentence in the U.S. is 71 months. In the UK, it can mean up to 14 years in prison, and in Australia, 12 months to life behind bars.
• Mules are cheap: Australian gangs pay their mules just $500 AU for the unrestricted use of their bank accounts.
• Money laundering cases on the rise: Whether due to increased attention, detection, the popularity of the crime, or all the above, money laundering cases in the U.S. rose by 14% between 2019 and 2023.
Download the complete report today and fortify your defenses against fraudsters with BioCatch’s insights on the current state of money laundering within the global financial system.