Money Mules Require Banks to Switch From Defense to Offense

### Executive Summary This report explains how financial institutions can identify and disrupt money mule networks by classifying mule behavior into five personas (Deceiver, Peddler, Accomplice, Misled, Victim) and recommends proactive measures—account-opening screening, continuous behavioral and transaction monitoring, device/login anomaly detection, and cross-industry data sharing—to reduce fraud and money laundering risk.