Joel R. McConvey
“Fraudsters heavily rely on interconnected mule accounts to transfer and conceal the proceeds of fraud,” say its findings. “These transactions can pass through various financial institutions or be converted into cash or cryptocurrencies, effectively masking the money trail, and funneling the profits back to the criminal groups.”
The report identifies good practices for firms to improve and maintain effective fraud prevention measures, which include leveraging biometric systems to calibrate against risk, and investing in machine learning systems. It says the FCA would like to see more firms incorporate device profiling, geolocation and behavioral biometrics into onboarding controls to disrupt mule networks.
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