The UK’s Financial Conduct Authority has published key findings from a review of what role money mules play in enabling fraud, praising firms that use biometric-based safeguards for verification in onboarding, monitoring, and reporting, and pushing for more advanced biometric tools.
The FCA looked at new and established payments service providers and electronic money institutions, focusing on how firms are protecting against mule activity because fraudsters heavily rely on interconnected mule accounts to transfer and conceal the proceeds of fraud.
