Aboitiz unit introduces mule accounts detection

A mule account is defined as a scammer that has access to someone's account and is able to receive and transfer stolen money while keeping their identity hidden.

Now that hacking of bank accounts has become very rampant, the artificial intelligence (AI) solution "is a proactive risk hunting approach that enables the bank to detect and prevent money laundering activity and fraud through early identification of mule accounts," Union Bank Senior Vice President Christopher Go said in a report released Tuesday.