Money muling on-chain: from 2010 phishing to code I04. The fraud that changed tracks

There is a fraud that Italian banks have known for at least sixteen years and which, despite this, they see today less than before. Money muling - the laundering of the proceeds of a scam routed through the accounts and instruments of third parties - has in substance remained what it has always been. What has changed is the track on which it travels. And a few weeks ago, the way in which the Italian Financial Intelligence Unit (Unità di Informazione Finanziaria, UIF) requires it to be reported changed as well.

Traditional anti-fraud controls, on this terrain, stop early: where the bank account ends begins the part they cannot see.

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