XTN Cognitive Security Platform® latest version presents a new feature focused on Money Mule detection. The aim is to detect fraudulent activities during digital onboarding and identify already existing accounts’ flow anomalies.
Money mule is not a new challenge, but today the problem is spreading more than ever. Traditional banks are moving fast to digital onboarding procedures that imply new challenges to identity verification processes and security check procedures. Also, users can open new accounts through TPP (Third Party Provider), acting in the market with fast and simplified onboarding procedures but with minimal security checks.
New payment schemes like instant payment reduce the time for antifraud (or AML) checks before the cash-out, and untraceable payment schemes like cryptocurrency make harder tracing money flow.
Money Mule feature implements Anti Money Laundering (AML) security checks for incoming payment and new customer application requests.
This enhancement enriches the Enterprise Fraud Management capabilities of the XTN Cognitive Security Platform®, providing a unique platform to centrally manage operational risks related to digital fraud and AML procedures.
New data models and machine learning algorithms determine account behavior anomalies considering incoming and outcoming payments.
• Prevention of brand reputation issues related to mule activities
• Detects the registration of new mule accounts
• Detects incoming fraudulent funds to mule account originating from other banks fraud victims (or mules)
• Detects fund cash-out originating from mule account to other mule accounts or fraudster
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