The United States Patent and Trademark Office (USPTO) has granted a new patent filed by behavioral biometrics expert Biocatch.
The patent describes a mule account detection solution designed to identify mule bank accounts used for money laundering or terrorist financing. The technology uses real-time monitoring tools to assess user behavior when accessing an online bank account.
“Close collaboration with leading financial institutions allows us to identify gaps in the fraud landscape and develop innovative solutions to ensure that our global customer base and their customers are protected against cybercriminals,” comments Biocatch CEO, Gadi Mazor.
The executive, who recently spoke with Biometric update on the company’s future plans and international expansion, described mule accounts as “crucial” in the fraud supply chain.
The new Mule account detection solution is now able to identify five different people commonly associated with Mule accounts.
These, Mazor says Biometric updateinclude accounts created expressly for the purpose of mulling money, but also genuine accounts, which fraudsters take control of and then use to funnel money.
Additional mule characters depicted in the new patent include fraudsters who pay students to leave their accounts empty after completing classes and people who, knowingly or unknowingly, share their bank accounts with fraudsters.
“BioCatch’s deep knowledge and experience in applying behavioral insights to prevent fraud allows us to proactively identify the nuances of mule accounts, helping to prevent reputation loss and regulatory scrutiny of institutions. financial,” concludes Mazor.
The new Mule account detection tool is based on a large number of patents that Biocatch has submitted to the USPTO since the beginning of 2021.
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