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Finmin asks banks to use MuleHunter.AI to check digital fraud

YourStory

YourStory · 8m ago

Finmin asks banks to use MuleHunter.AI to check digital fraud

The Finance Ministry has advised banks and financial institutions to combat financial fraud by utilizing artificial intelligence (AI) tools, such as MuleHunterAI developed by the Reserve Bank of India (RBI). Financial Services Secretary M Nagaraju chaired a meeting where banks were urged to adopt best practices, advanced technologies like AI and machine learning, and foster inter-bank collaboration to effectively address mule accounts. The Department of Financial Services emphasized the shared responsibility of protecting citizens' wealth and recommended the use of MuleHunter.AI, an AI/ML-based model developed by the RBI, to enhance the detection and monitoring of mule accounts.

Related News

FinMin wants banks to complete I4C integration by January to check frauds

Economic Times

Economic Times · 7m ago

FinMin wants banks to complete I4C integration by January to check frauds

The Indian government is urging public sector banks to integrate with the Indian Cybercrime Coordination Centre (I4C) by January 2025 to combat financial fraud effectively. This integration will allow banks to receive fraud complaints directly for prompt action. Additionally, banks are encouraged to use Mulehunter.Ai, an AI tool to detect mule accounts, and join the I4C-built 'suspect registry' for monitoring fraudulent activities. This initiative aims to enhance fraud prevention and complaint resolution within the banking sector.

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

Economic Times

Economic Times · 9m ago

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.

How to dispute incorrect Credit Card charges in India?

Inshorts · 2m ago

How to dispute incorrect Credit Card charges in India?

To dispute a wrong credit card charge in India, first verify the error, then gather all evidence like receipts and screenshots. Contact the merchant for resolution; if unresolved, raise a complaint with your bank within 60 days. Banks must respond within 60 days per RBI rules. Use alerts, check statements weekly, and report fraud early to limit liability.

RBI advises banks to integrate DoT's financial fraud technology

Economic Times

Economic Times · 1m ago

RBI advises banks to integrate DoT's financial fraud technology

The Reserve Bank of India has urged banks to adopt the Financial Fraud Risk Indicator tool from the Department of Telecom to tackle online fraud. This tool assesses mobile numbers based on their fraud risk, utilizing data from various sources, including the National Cybercrime Reporting Portal. The initiative is seen as a significant step in combating cyber-enabled financial fraud, particularly with the rise of digital payments like UPI, emphasizing the need for real-time data sharing between banks and the telecom sector.

Combating Frauds: Should Financial Institutions Go More Digital Or Less Digital?

Inc42 · 1y ago

Combating Frauds: Should Financial Institutions Go More Digital Or Less Digital?

The number of fraud cases reported by banks has increased significantly due to the rise of digital technologies. Fraudsters are using advanced AI-driven methods, such as deep fakes, to commit identity theft and manipulate digital media. Financial institutions need to adapt and modify their approaches in response to these ever-changing digital fraud tactics. They should strategically digitize their processes and leverage technologies like AI, data analytics, and machine learning to detect and prevent fraud effectively. Financial institutions should also focus on improving identity verification processes, implementing advanced authentication mechanisms, and enhancing security awareness through training. Implementing "Guardian AI" can offer a promising solution to enhance digital trust and improve fraud detection capabilities. Striking a delicate balance between digitalization and fraud prevention is crucial for financial institutions to maintain resilience and trust in the digital world.

PSU banks to hold majority in digital payment intel body

Economic Times

Economic Times · 15d ago

PSU banks to hold majority in digital payment intel body

State-run banks will lead the establishment of the Digital Payments Intelligence Platform (DPIP), holding over 50% in the entity aimed at reducing payment fraud through advanced tech. Set up as a non-profit, DPIP aims to share real-time intelligence to prevent fraud. A committee, including public and private bank members, will decide on the organization’s structure and capital. This platform will enhance fraud risk management and implement AI for proactive fraud detection.

RBI-led initiative to curb digital frauds gains momentum, banks roped in to set up DPIP

Economic Times

Economic Times · 2m ago

RBI-led initiative to curb digital frauds gains momentum, banks roped in to set up DPIP

The Reserve Bank of India (RBI) is mobilizing major banks to establish the Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure to combat digital payment frauds. Under RBI’s guidance, both public and private sector banks will participate in this initiative. The platform aims to enhance fraud risk management through real-time intelligence sharing. The Reserve Bank Innovation Hub is tasked with developing a prototype, leveraging advanced technologies to curb payment-related frauds.

Online pay aggregators focus on anti-fraud tech to up revenues

Economic Times

Economic Times · 3m ago

Online pay aggregators focus on anti-fraud tech to up revenues

Online payment aggregators, such as PayU, Razorpay, and PhonePe, are investing in advanced fraud detection technologies to enhance revenue streams due to intense competition and pricing constraints in the payments sector. These companies are offering fraud detection services to banks, focusing on ensuring transaction legitimacy, preventing unnatural payment behaviors, and securing payment processes. This shift aligns with global trends as digital payments grow, necessitating robust systems to combat rising fraud cases in the ecosystem.

Quick Heal eyes small firms, individuals with its AI-powered anti-fraud tool

Livemint

Livemint · 10m ago

Quick Heal eyes small firms, individuals with its AI-powered anti-fraud tool

- Quick Heal Technologies aims to make small businesses and individuals the largest category of users for Antifraud.ai, its AI-powered anti-fraud tool. - The software has seen a higher than expected uptake in the pre-launch and launch days, indicating the market need for such products in combating sophisticated digital fraud. - Fraudsters use social engineering and automation to carry out fraud, necessitating technological solutions to fight against it. - Antifraud.ai protects users from phishing link scams, alerts potential fraud calls, detects fake apps, and alerts against unauthorized use of microphones and cameras. - Quick Heal has adhered to regulations under the Digital Personal Data Protection Act and has filed patents for the technology.

‘Cut, copy, paste orders’: Bombay HC irked by banks declaring accounts fraud, asks Anil Ambani to approach RBI

Business Today

Business Today · 6m ago

‘Cut, copy, paste orders’: Bombay HC irked by banks declaring accounts fraud, asks Anil Ambani to approach RBI

The Bombay High Court criticized banks for the hasty manner in which they label accounts as 'fraud' or 'defaulter'. Addressing Anil Ambani's case against Union Bank of India, the court noted the lack of adherence to RBI guidelines and called for improved processes. It advised Ambani to file a complaint with the RBI. Emphasizing the importance of proper procedure, the court sought a response from the bank, scheduling the next hearing for March 13.

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