Money Mules Remain Instrumental in Money-Laundering Schemes

In May, it was reported that criminals had siphoned hundreds of millions of pesos from Mexican banks through unauthorized transfers. The attack exploited problems with third-party software used by banks to connect to Mexico’s interbanking electronic payment system to send unauthorized transfers to various accounts at other banks. The transfers were quickly withdrawn as cash, a likely indicator that money mules played an instrumental role in this large-scale act of fraud.

July 30, 2018