ANZ invests in mule account detection solution to help fight fraud
Australian banking giant ANZ is investing in a new security feature that enables the detection of mule accounts as it ramps up its fight against fraudsters.
ANZ is set to deploy mule account detection capabilities in September
A mule account is run by a person who has been recruited by criminals to transfer illegally obtained money or goods on their behalf. Typically, money mules are instructed to receive funds into their bank accounts and transfer them to another financial institution, or through alternate payment methods such as cryptocurrency.
ANZ says mule accounts can be quite challenging and complex to detect, as it often involves vulnerable people who have been scammed into believing they have been recruited for a job or an investment opportunity.
To fight this, ANZ says it conducted a “successful” pilot in April, deploying the mule detection capability to identify nearly 1,400 high-risk accounts. The technology, which uses artificial intelligence (AI) and machine learning, will be implemented across ANZ’s security systems by this September.
The solution will also be supported by a new mule detection team which will work alongside ANZ’s 440 customer protection specialists.
“In identifying and blocking mule accounts, we effectively starve criminals of the resources they need to carry out the activity,” explains Shaq Johnson, ANZ head of customer protection.
“By disrupting the infrastructure that supports scams, it becomes more difficult for these online criminals to operate and impact innocent individuals.”
Johnson adds that while banks play a significant role in preventing such scams, customers should also “protect themselves by remaining alert to unsolicited contact and requests to move funds”.
