Fraud
Industry News
Key takeaways from the publication include:
➡️ Criminals are exploiting newer market entrants with immature financial crime controls to commit fraud and mule funds;
➡️ Mules may turn to methods other than bank transfers via Faster Payments as onboarding and transaction monitoring controls strengthen;
➡️ Data sharing initiatives are vital to detecting mule activity across the payments ecosystem and must include smaller firms and crypto asset service providers;
➡️ Funds are often rapidly transferred between accounts, creating the need for close collaboration between industry and law enforcement to ensure fraud can be detected and prevented in real time.
✅ Firms operating in the UK should review their fraud detection systems and money mule controls, ensuring the latest typologies are incorporated to support real-time detection and reduce fraud losses.
