Case Study: The Role of Digital Behavior in Identifying Mule Accounts

Money mules have become a modern day gold rush for cybercriminals. According to Europol, more than 90% of money mule transactions are linked to cybercrime. The explosive growth of digital transactions and payments during the pandemic combined with global economic relief programs, such as unemployment benefits and government stimulus checks, have enticed cybercriminals to step up their game and capitalize on an environment ripe for fraud. While technology has made it easier than ever for cybercriminals to open new accounts using digital banking channels and bypass KYC barriers, the good news is that behavioral biometrics is giving financial institutions the tools to fight back.

In this session, we will explore how the practice of money muling has evolved, the role of digital behaviour in identifying mule accounts during the account opening process and at the point of payment, and how leading financial institutions used behavioral biometrics as part of their proactive risk mitigation strategies to stop cybercriminals at the source.