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Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts

Economic TimesEconomic Times · 22d
Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts

The Reserve Bank Innovation Hub (RBIH) in India is discussing collaboration with ten public and private banks to promote the adoption of its AI-powered tool, Mulehunter.Ai, which detects instances of financial fraud linked to mule accounts. Two large public sector banks have already implemented the platform. Mule accounts are bank accounts used to receive and transfer illegally obtained funds. The Mulehunter.Ai platform has been trademarked and developed based on insights from multiple banks, identifying nineteen patterns of misuse. The RBIH aims to accelerate technology adoption in the banking sector and improve fraud detection accuracy while reducing the time taken for verification.

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