Source: IE
Context: Digital fraud in India’s financial sector is rising, with mule accounts aiding cybercrime. To combat this, the RBI has launched MuleHunter.AI, an AI-powered tool developed by its Innovation Hub in Bengaluru.
About RBI MuleHunter.AI:
- What is MuleHunter.AI?
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- Definition: MuleHunter.AI is an AI-driven solution designed to detect and mitigate mule bank accounts effectively.
- Developed by: Reserve Bank Innovation Hub (RBIH), Bengaluru.
- Aim: To curb the misuse of mule accounts in online financial frauds.
- Functions:
- Real-time identification of mule accounts.
- Collaborative framework with banks for advanced fraud detection.
- Uses AI/ML technologies for enhanced monitoring and fraud prevention.
- What are Mule Bank Accounts?
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- Definition: Accounts used by fraudsters for illegal activities such as laundering illicit funds.
- Operation: Often acquired from individuals with limited financial knowledge.
- Impact: Innocent account holders, or “money mules,” are implicated in fraud investigations, while actual criminals evade detection.
- Scale of the Problem
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- Magnitude: Over 4.5 lakh mule accounts identified in India, with prominent cases in banks like SBI, PNB, and Canara Bank.
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