Aboitiz unit introduces mule accounts detection

By Jenica Faye Garcia

Jun 14, 2023 12:28 am

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.

Already have an active account? Log in here to continue reading.
Or
Subscribe to the Premium Subscription plan to access this subscriber-exclusive article.

Related Articles

Pryce 9-month profit surges 40% to P2.2B

Manila Water unit sells stakes in Bulacan firms

Prime Media to raise P531M for expansion

Megaworld expects P3B from Palawan project

Continued peso decline weighs on stock market

Regulator clears P1-B Cityland debt offering

Arthaland eyeing P3B from follow-on offering