RBI Launched MuleHunter.AI Against Scammers

The Reserve Bank of India (RBI) has collaborated with fintech research institutes, including the Institute for Development and Research in Banking Technology (IDRBT) in Hyderabad, to launch a new artificial intelligence, MuleHunter.AI tool for detecting financial fraud. This technology is designed to identify and expose mule accounts.

Mule accounts are created using techniques that misuse people's trust or lack of awareness. Cybercriminals use these accounts for transferring illegal payments through a variety of routes, making it difficult to monitor and recover them.

MuleHunter.AI scans for 19 different behavior patterns to spot suspicious activities, making it faster and more accurate. It is designed to help banks find fraud more easily.

According to the National Crime Records Bureau (NCRB), online financial frauds made up 67.8% of all cybercrime complaints in 2022, with mule accounts contributing to 53% of fraud threats in financial institutions in 2023.

The RBI's initiative comes because banks often take time to report fraud, which means victims notice problems only after a lot of damage is done. MuleHunter.AI aims to fix this by detecting fraud faster and allowing rapid action.

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