The Paypers: Financial Crime and Fraud Report 2023

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How Inbound Payment Monitoring Changes the Money Laundering Fight

What are money mules?

Money mules are accounts set up by either witting or unwitting individuals to receive illicit funds. The funds might be connected to a criminal’s fraudulent schemes or money laundering activities. Money mules are critical cogs in the financial crime machine as they give fraudsters and criminals a method to receive their ill-gotten funds.

As scams and fraud become more prevalent, criminals will increasingly turn to money mules to move their illegal proceeds. That’s why inbound payment monitoring will become essential in banks’ efforts to identify and stop money mules.

The Paypers’ Financial Crime and Fraud Report 2023 highlights how Feedzai, the world’s first RiskOps platform, protects customers and payments using a suite of AI-based solutions to identify and uncover money mule activity.

Download the report to learn:

  • the top challenges in fighting money laundering
  • how instant payments impact the money mule fight
  • mitigation strategies banks can implement to prevent money mule activities

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Page printed in December 22, 2024. Plase see https://www.feedzai.com/resource/the-paypers-financial-crime-and-fraud-report-2023 for the latest version.