Money mules move money, knowingly or not, for criminal enterprise. They can be students, or people in financial straits; they can be offered easy money, or tricked into being the conduits for money laundering. And they are everywhere.
According to a new report from BioCatch, money laundering through mules has reached epidemic levels. The behavioral biometrics firm’s 257 customers in the financial sector identified and reported almost 2 million bad mule accounts in 2024.
“The tip-of-the-iceberg metaphor is tired and overused,” says BioCatch Director of Global Fraud Intelligence Tom Peacock, in a release. “But these 2 million mule accounts our customers reported in 2024 likely represent only a fraction of the money laundering accounts either in use or lying dormant within the world’s 44,000 financial institutions last year.”
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