BioCatch and Asian Bankers Association held a very succcesful webinar on The Need for Advanced Analytics for MULE Detection on March 27, 2024.

With more than 770 registered participants from 36 countries, and a sustained live audience of over 500 participants, the 61-minute webinar featured Edgar Zayas, Director of Global Advisory, who presented the current situation with mules accounts, their structure, their characteristics and technological methods used to detect them in banking operations. The session was moderated by Suresh Emmanuel, Chief Information Security Officer at Hatton National Bank.

SUMMARY

In his presentation, Mr. Zayas brought into the fore the challenges posed by organized mule syndicates in the financial sector, especially within India and Southeast Asia.

The discussion provided an in-depth look at the complex operations of these syndicates, revealing how they utilize both complicit and unwitting individuals’ bank accounts for money laundering. An analytical deep dive into a series of transactions uncovered a broad network of linked devices and accounts, highlighting the limitations faced by traditional detection methods against such sophisticated fraud mechanisms.

The focus then shifted to the innovative solution of advanced analytics, with a special emphasis on the utilization of behavioral biometrics for fraud detection and prevention. This approach, which analyzes patterns and anomalies in how accounts are operated, offers a nuanced and highly effective tool for identifying fraudulent activities before they happen.

An illustrative case study from a top global bank demonstrated the technology’s efficacy, where it identified nearly all malicious accounts preemptively, showcasing the significant benefits of advanced analytics. The presentation concluded with a strong message on the necessity of prioritizing prevention and the strategic disruption of mule networks through the adoption of cutting-edge analytical tools, setting a new standard in the fight against financial fraud.

PRESENTATIONS & VIDEO

The PDF copy of the presentation is available only to ABA members the recording of the webinar can be viewed at ABA Youtube Channel below.