Legacy financial institutions turn to startups like Data Sutram for tech support in customer verification. Data Sutram s DS Authenticator Trust Score aids in assessing customer trust levels during account opening. Bureau Inc s Money Mule Score enhances fraud detection.
By Neelanjit DasImagine waking up to a notice that your hard-earned money is no longer accessible, all because your bank account or debit/credit card has been blocked.
Indian banks are tracking money mule transactions and will block your bank account and funds held in it if you are found to be involved in a money mule operation.
As per NASDAQs Global Financial Crime Report 2024, among anti-financial crime professionals surveyed, 47% listed money mule activity as a major concern, placing it second only to real-time payments fraud.