AI tool MuleHunter to tackle financial fraud

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model, MuleHunter.ai, to address the growing issue of mule bank accounts that are often used for committing financial fraud.

- AATHIRA VARIER

Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.

"As part of the Reserve Bank's continued efforts to prevent and mitigate digital frauds, an innovative AI/ML-based model, MuleHunter.ai, has been developed by the Reserve Bank Innovation Hub (RBIH), Bengaluru. This will help the banks to deal with the issue of mule bank accounts expeditiously and reduce digital frauds," Das said during his Monetary Policy Committee (MPC) speech.