Mule activity and 1st party fraud: How FIs should be dealing with the influx of new threats

Monday, October 5, 2020 2:00 p.m. EDT
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With the economic downturn that followed the Covid-19 pandemic, new approaches to financial crime have been heavily leveraged and executed by criminal organizations aiming at exploiting fragilities in the system, and less visible angles. FBI recently noted that the use of money mules have been increasing with work-from-home schemes and other money mule techniques combined with social engineering.

With almost $300M in fraud (widely anticipated figures will rise to $1B+) tied to the small business loan program and networks targeting U.S. unemployment systems, it's becoming clear that 3rd party fraud is now shifting to 1st party fraud. Is it getting out of control or will this growing trend stabilize in the short-term?

Learn from the experts on what kind of patterns and trends you should be looking out for and what kind of technology is arming Financial Institutions while protecting legitimate businesses and customers.

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