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    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

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    MobiKwik unveils Pocket UPI for better budgeting and security

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    Zaggle and Mesh Payments to advance global spend management market for India

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    BharatPe raises Rs 125 crore in debt funding for business expansion

    BharatPe raises Rs 125 crore in debt funding for business expansion

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    J&K Bank introduces API-based open banking services for corporate clients

    J&K Bank introduces API-based open banking services for corporate clients

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    UGRO Capital appoints Anuj Pandey as new CEO

    Vakrangee expands service portfolio with Ageas Federal Life Insurance

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    IndusInd Bank bags recognition for digital payments excellence

    IndusInd Bank bags recognition for digital payments excellence

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    Crisil invests Rs 33.25 crore to acquire minority stake in Online PSB Loans

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    Logic School of Management and IAB unveil CIAP program to empower global accounting professionals

    Veranda Learning Solutions reports robust FY25 performance

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    Punjab strengthening higher education with strategic reforms

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    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Technology and innovation shine at WEBCon 2025 in Chandigarh

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Home BFSI

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
7 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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