ANZ is set to roll out mule detection technology across its security systems by September 2023.
The security capability is an extension of ANZ's behavioural biometric technologies. It uses AI and machine learning to detect ‘mule’ accounts used to receive funds from scam victims and other criminal activities.
ANZ head of customer protection Shaq Johnson said stopping mule accounts could prevent scams and dismantle sophisticated criminal groups.
“In identifying and blocking mule accounts, we effectively starve criminals of the resources they need to carry out the activity. By disrupting the infrastructure that supports scams, it becomes more difficult for these online criminals to operate and impact innocent individuals,” Johnson said.
ANZ's new technology will be supported by a new and dedicated mule detection team.
“Mule accounts are often linked to larger criminal networks involved in organised crime, fraud, and scams. Our new mule detection technology and the mule detection team will better enable us to identify these accounts, stop the illegal activity, and gather valuable information about individuals or groups behind sophisticated scams,” Johnson said.
“There is a whole of community response needed to scam prevention, and while banks play a critical role, customers can also protect themselves by remaining alert to unsolicited contact and requests to move funds.”
Since its successful pilot in April 2023, the mule detection technology has identified nearly 1,400 high-risk accounts.
Scams have been rampant in Australia even before many organisations went digital due to the COVID-19 pandemic. Most recently, Scamwatch warned of a new scam email targeting Australians.
