Real-time Mule Accounts Detection
Banks are exposed to criminal acts committed without the knowledge of unsuspecting victims who are being used as ‘mules’, or by fraudsters attempting to open legitimate accounts to pass funds through. This activity can be used to fund terrorism, human trafficking and organized crime.
While multiple AML rules and scenarios apply to this, the main technical issue is that transaction monitoring systems alerts are usually delayed, and therefore are not able to detect the transfer and stop it on time. Additionally, existing fraud solutions don’t cover these scenarios, as they focus mostly on attempts to gain access to accounts and to fraudulently remove funds from them. Misdetection of such accounts can lead to account/system breaches, increased risk to compliance and large fines.
During this webinar, Pitney Bowes and Matrix-IFS will explore the threats of Mule Accounts and present a cost-effective solution, that combines data analytics and model tuning to detect and stop them, when it counts.
• The complex threat of Mule Accounts within the wider Financial Crime landscape
• Mule Accounts & application fraud detection challenges
• A multi-dimensional platform that improves data quality, integrates disparate data, appends location intelligence, and delivers decisive