Following this announcement, the Lynx Mule Account Detection is expected to stop multiple illicit funds that flow through the overall global financial system each year. The product was developed as a real-time mule detection solution, and it is set to optimise the manner in which banks and financial institutions protect their clients.
In addition, as Organised Crime Groups (OCGs) are increasingly leveraging money mules (accounts used to wash money obtained from illicit means), the company will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Lynx Mule Account Detection is expected to streamline thread intelligence applications efficiently and securely across teams, which will enable a swift identification of mules and prevent fraud. In addition, it will also facilitate real-time reporting of suspicious activities, all without the need for a wholesale integration of fraud or AML teams.
At the same time, the product was developed to leverage supervised machine learning in order to identify illicit sources of funds and mule accounts in real time, as well as to provide actionable insights and enable financial institutions to react fast and effectively. The Lynx Mule Account Detection also provides a 360-degree holistic view, which is set to enable analysts to make swift fraud prevention decisions, as well as reduce the overall time spent reviewing alerts to report mules quicker. This will streamline investigations by mule defense teams, as well as improve the time to investigate accounts.
The model also integrates both incoming and outcoming transactions, which is expected to enable the solution to flag if the account receiving or/and sending funds is a mule one, and immediately block the transaction. By disrupting this flow of money mules, the company not only protects victims but also disturbs the operational capacity of criminal enterprises, as well as accelerates the security development of the overall financial landscape.
The product will have ongoing updates based on the latest financial behaviors in order to maintain high accuracy, as well as reduce false positives and their associated costs.
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