Pinata Time: Why We Should All Start Bashing Mules!
summary
Account-opening mule rings surge during the pandemic, driven by unemployment and stimulus fraud, faster payments and abused third-party payout systems; most mule accounts are new, often 90% new accounts in examples, and small/digital banks get overwhelmed. Effective defenses use device linking, link analysis, incoming-payment monitoring and behavioral biometrics such as cut-and-paste detection, which finds dozens of mule accounts quickly and, in piloted proofs, claims up to a 40% reduction in fraud losses.
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