Defend against money mule fraud with shared threat intelligence

Description

Money muling has become an extremely powerful weapon for cybercriminals to perpetrate online fraud, exploiting online banking’s speed and anonymity. In 2023 alone, the European Money Mule Action (EMMA 9) identified 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. Given the speed and anonymity of digital transactions, online banking has made it easier for criminals to carry out these schemes. Currently, money muling is a key component embedded across all modern fraud scenarios, such as Account Takeover (ATO), Automated Transfer Systems (ATS), and Authorised Push Payments (APP). Download this Use Case to find out how Cleafy’s Fraud Extended Detection and Response (FxDR) platform can help you detect and stop money mule schemes.