Mule Activity: Find the Mules and Stop the Fraud

Mule activity is real—it’s everywhere, and it’s getting worse.

Boston, April 28, 2020 – Money mules are people who are enlisted to facilitate the movement of money by those who commit crime of one variety or another. Criminals’ ability to conceal and move illicit funds is the lifeblood of their enterprises, yet most financial institutions are uncertain how to manage mule activity and to what extend they must do so. Fortunately, a number of promising innovations are emerging from identity verification vendors and consortia-based solution providers that could make a significant impact on mule interdiction.

This report examines how FIs in the U.S. and the U.K. are grappling with controlling mule activity and the implications of failing to take more deliberate action to stem its growth. It is based on discussions and interviews with fraud executives from 22 of the top 40 U.S. banks and four large U.K. banks conducted from June 2019 to March 2020 as well as vendors in the ecosystem.

This 28-page Impact Report contains 10 figures and three tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Agari, Acxiom, BAE Systems, BehavioSec, BioCatch, Boku, buguroo, DataVisor, Dragnet Solutions, Duality Technologies, Early Warning Services, Ekata, Emailage, Equifax, Experian, Featurespace, Feedzai, FIS, Gemalto, GIACT, IBM Trusteer, ID Analytics, ID Insight, IdentityMind, IDology, InAuth, LexisNexis Risk Solutions, Neustar, NICE Actimize, NuData Security/Mastercard, OneSpan, Payfone, Quantexa, RSA Security, SAS, SecuredTouch, Simility, Socure, TransUnion, TrustID, Vocalink/Mastercard, and Zumigo.

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