Mobile malware, mule accounts driving APAC bank fraud

BioCatch has published its 2024 Digital Banking Fraud Trends white paper on financial crime in the APAC region, and says mobile malware has become a major driver of SMS mining and illegal loan apps. A press release summarizing the report says mules are too-easily able to open mule accounts to temporarily house money stolen via scams.

“Where there are scams, there are mules,” says Tom Peacock, BioCatch’s director of global fraud intelligence. “Criminal organizations use these mule accounts as intermediate …

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