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BioCatch’s behavioral biometrics mule account detection patent approved

BioCatch’s behavioral biometrics mule account detection patent approved
 

The United States Patent and Trademark Office (USPTO) has granted a new patent submitted by behavioral biometrics expert Biocatch.

The patent describes a Mule Account Detection solution designed to identify mule bank accounts used for money laundering or terror funding. The technology utilizes real-time monitoring tools to assess user behavior when they access an online banking account.

“Close collaboration with leading financial institutions allows us to identify gaps in the fraud landscape and develop innovative solutions to ensure our global client base and their customers are protected from cybercriminals,” comments Biocatch CEO Gadi Mazor.

The executive, who recently spoke with Biometric Update about 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 capable of identifying five different personas commonly associated with mule accounts.

These, Mazor told Biometric Update, include accounts expressly created for the purpose of muling money, but also genuine accounts, which fraudsters take control of and then use to funnel money.

The additional mule personas described in the new patent include fraudsters who pay students to leave their empty accounts after finishing their course and individuals 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 prevent reputational loss and regulatory scrutiny for financial institutions,” Mazor concludes.

The new Mule Account Detection tool builds on an extensive number of patents that Biocatch has submitted to USPTO since the beginning of 2021.

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