A money mule is an individual who transfers or moves illicitly obtained money on behalf of others, typically criminals. Some money mules are unaware that they are involved in illicit activity, and may have been recruited via romance scams or fake job postings. Other money mules knowingly operate as a part of organized fraud rings. Money mules facilitate money laundering; their transactions help fraudsters and organized crime disguise the original source of illegal funds.
Use case/ examples for money mule
Recruitment prevention: Identifying customers who may have been recruited unwittingly to become money mules through fake job offers or romance scams, and educating front-line bank personnel on signs to watch for. This can also include providing regular customer education bulletins.
Transaction pattern analysis: Identifying accounts exhibiting money mule behavior through their rapid fund movement and suspicious transfer patterns.
Fraud network detection: Uncovering organized fraud rings by connecting multiple mule accounts that are operating within the same network.
