How machine learning combats financial cybercrime

In the last few months, millions of dollars have been stolen from unemployment systems during this time of immense pressure due to coronavirus-related claims. A skilled ring of international fraudsters has been submitting false unemployment claims for individuals that still have steady work. The attackers use previously acquired Personally Identifiable Information (PII) such as social security numbers, addresses, names, phone numbers, and banking account information to trick public officials into accepting the claims. Payouts to these employed people are then redirected to money laundering accomplices who pass the money around to veil the illicit nature of the cash before depositing it into their own accounts. The acquisition of the PII that enabled these attacks, and the pattern of money laundering that financial institutions failed to detect highlight the importance of renewed security.