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Introducing Bureau’s Money Mule Score - Proactive Money Mule Detection During User Onboarding

Introducing Bureau’s Money Mule Score - Proactive Money Mule Detection During User Onboarding

Company News
Author
Maruthi Kumar
Maruthi Kumar

April 17, 2024

Expert
Maruthi Kumar
Maruthi Kumar

April 17, 2024

Money mule attacks have become a global pandemic, costing financial institutions millions in lost funds and reputational damage. According to a recent report, in 2023 alone, these attacks resulted in over $10 billion in losses globally. Just last month, a major financial institution fell victim to a sophisticated money mule scheme, exposing the vulnerability of even the most established players.

These attacks work by recruiting unwitting individuals, often through social media scams or fake job postings, to launder stolen money through their personal bank accounts. The consequences for money mules are severe, including criminal charges and financial penalties.  For banks and fintechs, the damage goes beyond financial losses.  Reputational harm and a decline in customer trust can be just as devastating.

Here at Bureau, we're committed to empowering financial institutions to combat this growing threat and stay AML compliant.  That's why we're thrilled to announce the launch of our innovative solution - 

Introducing Bureau’s Money Mule Score

Bureau's Money Mule Score utilises a sophisticated link analysis engine. This technology goes beyond traditional methods by weaving together a rich tapestry of user data, including device information and behavioural patterns. This real-time web of information exposes hidden connections, allowing us to identify money mules even when they appear legitimate during onboarding.

Bureau's Money Mule Score stops fraudsters in their tracks, before they can exploit your business:

Predictive, not Reactive: We don't just react to suspicious activity; we identify it proactively. By analysing user behaviour, device usage, and network connections, our comprehensive fraud graph helps pinpoint potential money mule activity in real-time, before it escalates.

Holistic View of the Customer Journey: Gain a comprehensive picture of your users with enriched insights, encompassing alternative data sources, device forensics, and behavioral biometrics.

Ecosystem-Wide Protection: Bureau safeguards your institution throughout the entire customer journey, from onboarding to transactions, ensuring robust security at every touchpoint.

Frictionless Onboarding: The best part? Most of the analysis happens seamlessly in the background during user onboarding. There are no intrusive checks, ensuring a smooth and frictionless experience for your customers.

Bureau's Money Mule Score is already delivering tangible results. We recently partnered with a leading Indian bank to implement our solution.

The results were impressive:

60% Increase in High-Risk Account Identification: Bureau helped the bank identify 60% more high-risk accounts during onboarding.

300,000 Potential Mule Accounts Stopped: This proactive detection prevented the creation of 300,000 potential money mule accounts.

$40 Million in Potential Losses Saved: By stopping these attacks in their tracks, Bureau helped the bank save an estimated $40 million in potential losses.

Don't wait for a money mule attack to cripple your business.  Take a proactive approach with Bureau's Money Mule Score. Contact us today to learn more about how we can help you safeguard your institution and protect your customers.

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