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BioCatch secures US patent for Mule Account Detection solution

Friday 11 February 2022 14:58 CET | News

Israel-based behavioural biometrics company BioCatch has announced that it received a US patent for its Mule Account Detection solution, which identifies accounts used for money laundering.

The first-in-class Mule Account Detection solution monitors user interactions via a computing device during online access to a banking account. Based on real-time monitoring of the user behaviour and continuous monitoring of the account, BioCatch’s solution can determine whether the online banking account is being utilised as a mule account to illegally receive and transfer money.

Money mules, individuals who, at someone else's direction, receive and move money obtained by criminal means, are an increasingly effective method in the fraud ecosystem that enable criminals to receive funds at the last stage of the money laundering process, according to the company. The recent rise in mule activity has attracted new scrutiny from global regulators directed towards a financial institution’s role in detecting and handling of these accounts.

Company officials stated that using their global knowledge of cyber-fraud trends, BioCatch has identified five personas commonly associated with mule accounts ranging from knowingly criminal to unaware victim. Isolating the different mule personas across both new and existing accounts allows fraud to be detected more easily before financial institutions and their customers incur financial losses.

For more information about BioCatch, please check out the company profile in The Paypers Company Database.


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Keywords: fraud prevention, certification, AML, CFT, fraud detection, cybersecurity, behavioural biometrics, digital identity
Categories: Fraud & Financial Crime
Companies:
Countries: Israel
This article is part of category

Fraud & Financial Crime