RBI’s AI tool MuleHunter.AI

RBI’s AI tool MuleHunter.AI

• It is the Artificial Intelligence/ Machine Learning-based model.
• Developed by: Reserve Bank Innovation Hub (RBIH).
  • RBIH is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
  • It was set up to promote and facilitate an environment that accelerates innovation across the financial sector.

Advantages of MuleHunter.AI

• Identification of Mule Accounts:
  • It focuses on identifying and tracking mule accounts, which are often used to facilitate fraudulent transactions. MuleHunter analyzes transaction patterns, and flags suspicious accounts that are being used to transfer illegally obtained funds.
• Real-time Monitoring:
  • It enables real-time monitoring of transactions, allowing banks and financial institutions to detect and respond to suspicious activities promptly.
• Data Analytics:
  • MuleHunter uses advanced data analytics and machine learning algorithms to assess large volumes of transaction data. This helps in recognizing trends and patterns associated with fraudulent activities, making it easier to preemptively shut down potential scams.
• Collaboration Among different institutions:
  • It encourages collaboration among banks, payment service providers and law enforcement agencies and helps to create a strong defense against digital fraud.

What is a Mule Bank Account?

• Mule accounts are bank accounts misused by criminals for illegal activities, such as laundering illicit funds.
• Accounts are purchased from individuals, often from lower-income groups or with low technical literacy.
• The term “money mule” refers to innocent account holders exploited for such activities.
• When such incidents are reported, the money mule becomes the target of police investigations, because it is their accounts that are involved, while the actual criminals remain undetectable.

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