Incognia Report Reveals Rise in Mule Account Fraud as Financial Institutions Struggle with Detection Gaps
A survey by Incognia found that 81% of financial institutions report an increase in mule account fraud, where verified accounts are later used by unauthorized parties to move funds. The study highlights detection challenges and the need for continuous identity verification beyond initial onboarding. Over 500 fraud and AML professionals participated in the survey.
Topics: AML financial_institutions fraud identity_verification mule_account