While money mules have been at the heart of cybercrime for years, the sheer volume of mule activity was unprecedented over the last year. Enticed by billions being pumped into unemployment, small business loans and other economic relief programs, fraudsters quickly responded. With robust networks of mule accounts created to move money from systems around the world, an old problem suddenly gained new scrutiny.
Trace Fooshee, Strategic Advisor in Aite-Novarica’s Fraud & AML practice, and BioCatch discuss the scale and evolution of mule activity and what financial institutions are doing about it.
Topics explored include:
- The trends in mule activity growth over the last year
- How processes, policies, and technology are changing to address mule activity
- Proactive risk mitigation strategies for financial institutions
