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Mobile Banking

A service provided by financial institutions that allows customers to conduct financial transactions and manage their accounts remotely via a dedicated mobile application or mobile-optimized website. This typically includes viewing balances, transferring funds, paying bills, and other account-related functionalities, offering convenience and real-time access to account information.

[
Code
PS0013
]
[
Name
Mobile Banking
]
[
Version
1.0
]
[
Category
Deposit & Account Services
]
[
Created
2025-02-06
]
[
Modified
2025-04-02
]

Related Techniques

T0011
|
Money Mule Exploitation
|
  • Enables money mules to open and manage accounts remotely, often bypassing in-person scrutiny.
  • Facilitates quick international or domestic transfers via mobile apps, adding layers of separation for illicit funds.
T0015
|
Anonymous Networking
|
  • Criminals use anonymizing networks (e.g., Tor/VPN) on mobile devices to mask IP addresses, impeding AML teams from accurately tracing user locations.
  • Rapid switching of anonymized connections circumvents typical fraud detection measures reliant on consistent device or geolocation data.
T0015.003
|
Public WiFi Networks
|
  • Criminals exploit unsecured public WiFi to log in to mobile banking apps, bypassing device-based AML checks by frequently rotating devices or IP addresses.
  • Use of shared hotspots conceals the user’s actual location, hampering geolocation-based risk detection.
T0023.001
|
Fake KYC Documentation
|
  • Criminals submit forged or stolen identity documents to open mobile banking accounts without in-person verifications, bypassing standard due diligence.
  • They rapidly transact using these false credentials, hindering effective monitoring and traceability of suspicious activity.
T0075
|
Identity Impersonation
|
  • Criminals use stolen or fabricated identity documents to open or take over mobile banking accounts, exploiting remote onboarding processes with limited in-person verification.
  • Once accounts are accessed, they can move or withdraw funds under the impersonated identity without raising immediate suspicion.
T0076
|
Account Compromise
|
  • Criminals may infect or phish victims to gain unauthorized access to mobile banking apps, granting direct control of legitimate accounts.
  • Once inside, they rapidly transfer funds or change account details, leveraging the account’s established profile to bypass AML alerts.