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RBI unveils MuleHunter.ai to combat digital fraud

The AI-driven model promises enhanced detection of mule accounts and financial crimes

B2B Market Media by B2B Market Media
6 months ago
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The Reserve Bank of India (RBI) has introduced MuleHunter.ai, an advanced artificial intelligence (AI) system aimed at addressing the growing threat of digital fraud and mule accounts. Developed by the Reserve Bank Innovation Hub (RBIH), the system employs cutting-edge Machine Learning (ML) algorithms to identify and mitigate mule accounts with unprecedented speed and accuracy.

Announcing the launch on Friday, Shaktikanta Das, Governor, RBI, highlighted the critical need for innovative tools to counter financial fraud, which accounts for 67.8 per cent of all cybercrime cases, as per the National Crime Records Bureau. He stated, “The increasing sophistication of cybercriminals necessitates advanced technological interventions to safeguard the banking ecosystem.”

 The AI system has already demonstrated its potential during trial runs at two leading public sector banks. Reports from these pilots indicated significant improvements in detecting mule accounts, paving the way for broader adoption across the banking sector.

Mule accounts, as defined by the RBI, are bank accounts exploited by criminals to launder illicit funds. These accounts are often opened by unsuspecting individuals enticed by false promises of easy money or through coercion. The complexity of their interconnections has historically made detection and recovery of funds difficult for banks.

Traditional systems, relying on static, rule-based approaches, have proven insufficient in addressing these challenges. To bridge this gap, MuleHunter.ai analyses transaction patterns and account data with heightened precision, enabling banks to swiftly identify fraudulent activity.

The model was first showcased at the Global Fintech Festival earlier this year. 

info@thefoundermedia.com

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Tags: AI In BankingB2B Market MediaBanking Technologycyber securityDigital FraudFinancial FraudFintech Solutions NewsFraud DetectionMachine LearningMule Hunter AIrbiRBI Innovation Hub
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