Money muling has emerged as one of the most powerful tools for cybercriminals, enabling them to perpetrate online fraud with alarming efficiency. By exploiting the speed and anonymity of online banking transactions, fraudsters are able to move illicit funds quickly across borders.

In 2023, the European Money Mule Action (EMMA 9) uncovered nearly 11,000 fraudulent transactions linked to money laundering schemes and led to the arrest of over 10,000 individuals involved in money mule activities across 26 European countries.

The rise of digital banking has inadvertently provided criminals with a new avenue to execute money muling, which is now an integral part of many modern fraud tactics, including Account Takeover (ATO), Automated Transfer Systems (ATS), and Authorised Push Payment (APP) fraud. As the methods used by fraudsters become more sophisticated, financial institutions must adopt advanced technologies to detect and prevent these schemes before they escalate.

Cleafy’s Fraud Extended Detection and Response (FxDR) platform offers a comprehensive solution to detect and stop money mule schemes at the source, safeguarding your institution from these evolving threats.

Protect your institution from money mule fraud.

Money muling is a pervasive threat across the financial industry. Download this Use case to discover how Cleafy’s FxDR platform can help you detect, stop, and prevent money mule schemes, keeping your customers and institution safe from fraud.