Expert Says Money Mules Are Massive Issue in FinTech and Crypto

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By BitcoinWiki News

Key Takeaways:

– Money mules are a widespread issue in the FinTech and banking industries, including crypto
– Money mules are usually young people, hired to commit fraud or cycle money through accounts in FinTech companies
– Challenger banks like Revolut, N26, and Wise are common targets for money mules
– Wirex employs tools to research the dark web and has found accounts for sale on the dark web
– Money mule movements are interconnected, creating multiple accounts across multiple platforms
– Wirex partnered with COCA to launch a Multi-Party Computation (MPC) wallet and a non-custodial debit card
– Recently approved spot Bitcoin exchange-traded funds (ETFs) have been a bit overhyped
– Wirex has a lot of things in the pipeline for this year, including Wirex Business for enterprise customers.


In the interview with Cryptonews, Pavel Matveev, the CEO of Wirex, discussed the issue of money mules, their impact in the crypto and FinTech industries, and Wirex’s plans for the future.

**What’s a Money Mule in Crypto?**

Money mules, typically young individuals, are hired to commit fraud and money laundering in exchange for financial compensation. They mostly target challenger banks, also present in the crypto industry. Money mules can’t operate in crypto alone and usually work across both crypto and fiat exchanges.

**Scammers Sell Real Accounts on the Dark Web**

Money mules pose a significant challenge for the industry as they operate under the guise of real customers with valid identifications. Wirex has employed various tools to track their activity on the dark web, as accounts from various financial institutions, including Wirex, Revolut, and Coinbase, are sold on these platforms.

**One Money Mule = Multiple Accounts on Multiple Platforms**

Money mule operations are interconnected across multiple platforms. The industry needs to collectively fight this threat and develop tools to monitor dark web activity and share data to prevent individuals from creating multiple accounts.

**Response to COCA MPC Wallet & Card is ‘Very Positive’**

Wirex’s recent partnership with COCA to launch a Multi-Party Computation (MPC) wallet and a non-custodial debit card has received a positive response. The product, offering a zero-fee policy, targets non-crypto-native audiences and emphasizes user control over their funds. The wallet and card also enable users to interact with dapps, trade on DEXes, buy NFTs, and spend funds.

**Entering the Bull Market**

The interview also touched upon the approval of spot Bitcoin exchange-traded funds (ETFs) and the anticipation for Ethereum ETFs. Matveev notes that the industry is entering another crypto bull market, and Wirex has plans to launch Wirex Business, expanding its product set to cater to businesses, including crypto companies.

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