Money Mules: A Significant Problem in FinTech and Crypto
In an interview with Cryptonews, Pavel Matveev, CEO of Wirex, discussed the issue of money mules in the crypto and FinTech industries. Money mules are individuals who are hired by criminals to commit fraud and move money through accounts in FinTech companies. These mules often target challenger banks like Revolut, N26, and Wise. Matveev emphasized that the crypto industry needs to address this problem collectively. Wirex has been researching the dark web and found real accounts from various platforms being sold. They have also conducted tests to gather data on these accounts and monitor dark web activity.
The Interconnected Movement of Money Mules
Money mule movements involve jumping between different accounts on different platforms. This is not just a problem for one company but an industry-wide issue. Matveev believes that the industry should work together to fight against money mules. While it’s impossible to control or censor the dark web, raising awareness about money mules and sharing data to prevent multiple account creation can help mitigate the problem.
Positive Response to COCA MPC Wallet & Card
Wirex recently partnered with COCA to launch a Multi-Party Computation (MPC) wallet and non-custodial debit card. The response has been positive, especially among non-crypto-native audiences. The wallet allows users to control their money without counterparty risk and provides access to various features such as interacting with dapps, trading on DEXes, buying NFTs, and spending funds. The integrated IBAN feature will be available soon, enabling Euro transactions and access to banking services.
Entering the Bull Market
Matveev mentioned that spot Bitcoin exchange-traded funds (ETFs) were overhyped but will be a gateway for institutional money in the long run. He also noted that we are entering another crypto bull market, with altcoin prices increasing. Wirex has plans to expand its product set to businesses, offering banking and card infrastructure to crypto companies and allowing them to issue cards for employees or subcontractors.
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