ANZ To Invest In A New Security That Detects Mule Accounts

ANZ will invest in a new security feature that detects mule accounts. Mule accounts can be used to obtain funds from the victim of scam campaigns and other fraudulent activities. The new tool has adopted artificial intelligence (AI) and machine learning to uncover mules and other suspicious accounts.

ANZ to detect mule accounts

The new security feature will be an extension of the behavioral biometrics technology adopted by the bank. It had already conducted a successful pilot program that was done in April 2023. The pilot program detected nearly 1,400 high-risk accounts.

By September this year, ANZ will adopt mule detection technology across security systems. The technology will be supported by a new and dedicated mule detection team that will partner with the 440 customer protection specialists that work with ANZ.

The head of customer protection at ANZ, Shaq Johnson, commented on the development, saying that suspending mule accounts would protect users against scams and ensure criminal enterprises are disrupted. Disrupting the infrastructure will also make it more challenging for online criminals to operate.

“In identifying and blocking mule accounts, we effectively starve criminals of the resources they need to carry out the activity. By disrupting the infrastructure that supports scams, it becomes more difficult for these online criminals to operate and impact innocent individuals,” Johnson said.

ANZ also admitted that there was a system in place that the community needed to prevent scams. Banks usually played a critical role, with customers protecting themselves. These customers can safeguard their activity by being alert to unsolicited contact and requests to transfer funds between accounts.

Protecting against an increase in scams

ScamWatch, a tool launched by the Australian Competition and Consumer Commission, said that Australians had lost $3.1 billion to scams in 2022, representing an 80% increase from 2021. Moreover, nearly 240,000 different scams were reported last year.

Customers can also participate in various activities to protect themselves against scammers. AMZ has also been improving investments in new technology to address the evolving threat. This threat prevented around $78 million from being shared with cyber criminals last year.

The new technologies that ANZ has invested in recently include new digital biometrics features, new algorithms and improved monitoring of fake phishing campaigns. The recent tools announced by ANZ will see regular updates being conducted to consider the changing landscape and the solutions put in place to counter the action.

Banks can prevent scams in the value chain by choking off the money supply to scammers by targeting accounts used to move ill-gotten gains. Some money mules are also less aware of involvement in criminal activities and are only used to receive and distribute ill-gotten gains from activities such as scams and fraud.