The Reserve Bank of India (RBI) has announced the introduction of Artificial Intelligence (AI), Machine Learning (ML) based model namely MuleHunter.AI.
Key points
The initiative aims to prevent and mitigate digital frauds through the use of mule accounts. It is d eveloped by the Reserve Bank Innovation Hub (RBIH), Bengaluru.
This public infrastructure facility will help the banks to deal with the issue of mule bank accounts expeditiously and reduce digital frauds.
The MuleHunter is an infrastructure level setup which will use the databases from all banks, all other payment system operators.
Its AI engine will be trained to be able to identify frauds much more effectively in the financial system.
Mule accounts
‘Mule accounts’ are bank accounts used by criminals to funnel illicit funds.
These accounts are often created by individuals who are either misled with offers of easy income or coerced into involvement.
Their interconnected nature complicates the process of tracking and recovering funds.
