As a part of its continued concentrate on digital safety, the RBI launched an AI/ML-based mannequin known as MuleHunter.AITM, developed by the Reserve Financial institution Innovation Hub (RBIH), a subsidiary of the RBI. This software is designed to effectively detect mule financial institution accounts, which are sometimes utilized in monetary fraud schemes. A pilot program with two main public sector banks has proven promising outcomes.
RBI MPC’s key choices from December assembly
Governor Das inspired banks to collaborate with RBIH to additional improve the MuleHunter.AITM initiative, in a bid to deal with the rising drawback of mule accounts utilized in fraudulent actions.
Along with this, the RBI has been actively working with banks and different stakeholders to forestall and cut back digital frauds, implementing tips to strengthen cybersecurity, fraud prevention, and transaction monitoring programs throughout regulated entities.
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Using cash mule accounts stays a prevalent technique for fraudsters to launder illicit funds. In response, the RBI is internet hosting a hackathon titled “Zero Monetary Frauds,” which features a problem particularly concentrating on the problem of mule accounts. The initiative goals to foster revolutionary options to curb the misuse of those accounts in monetary crimes.