Financial institutions struggle with preventing money mule activity, especially due to COVID-19’s impact on job loss, the rise of digital onboarding, and new payment methods. These factors bring new challenges to verifying identities, conducting security checks, and tracking the flow of money, making it a widespread problem globally.
Money muling doesn’t usually lead to financial losses for banks, but it does result in significant operational costs, including detection, account closure, and fund recovery. In addition to operational costs, banks face various other risks related to money mules, including damage to reputation, regulatory violations, and legal liabilities. To mitigate these risks, banks must have real-time detection and prevention measures in place.
The XTN Cognitive Security® Money Mule Hunting solution is a comprehensive and effective tool for banks to avoid the operational costs and other risks associated with money mule accounts.
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