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3 MuleHunter AI

The Reserve Bank of India (RBI) has encouraged banks to implement its AI/ML tool, MuleHunter.AI, to combat the issue of mule accounts linked to digital fraud. This advanced tool utilizes machine learning to accurately detect and flag mule accounts by analyzing transaction data, thereby enhancing the detection of fraudulent activities. Mule accounts are exploited by criminals for illicit fund transfers, often involving individuals who are unaware of their participation in illegal activities.

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29 views3 pages

3 MuleHunter AI

The Reserve Bank of India (RBI) has encouraged banks to implement its AI/ML tool, MuleHunter.AI, to combat the issue of mule accounts linked to digital fraud. This advanced tool utilizes machine learning to accurately detect and flag mule accounts by analyzing transaction data, thereby enhancing the detection of fraudulent activities. Mule accounts are exploited by criminals for illicit fund transfers, often involving individuals who are unaware of their participation in illegal activities.

Uploaded by

ammuakzakshaya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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News: Recently, the Reserve Bank of India (RBI) urged banks to adopt its AI/ML-based tool,

MuleHunter.AI, to address the growing problem of mule accounts involved in digital frauds.

About MuleHunter.AI

It is a cutting-edge AI tool designed to detect and flag mule accounts, with the aim
of tackling financial fraud and money laundering.
Developed by– Reserve Bank Innovation Hub (RBIH)
Working:
It outperforms traditional rule-based systems by utilizing machine learning
algorithms.
It analyzes transaction data and account details to predict mule accounts with
higher accuracy and speed.
By tracking the flow of illicit funds into mule accounts, the platform enables banks
to detect fraudulent activity more effectively within their networks.
The tool has been successfully piloted in two public sector banks.

About Mule Accounts


Source- Researchgate

According to the Reserve Bank Innovation Hub, ‘mule accounts’ are bank accounts
exploited by criminals to channel illicit funds.
These accounts are typically opened by individuals who are either deceived by promises
of easy money or pressured into participating.
The recruited individuals, known as money mules, may or may not be aware that they
are aiding in illegal activities.
The transfer of funds through these highly interconnected accounts makes it
difficult to trace and recover the funds.

News: Recently, the Reserve Bank of India (RBI) urged banks to adopt its AI/ML-based tool,
MuleHunter.AI, to address the growing problem of mule accounts involved in digital frauds.

About MuleHunter.AI

It is a cutting-edge AI tool designed to detect and flag mule accounts, with the aim
of tackling financial fraud and money laundering.
Developed by– Reserve Bank Innovation Hub (RBIH)
Working:
It outperforms traditional rule-based systems by utilizing machine learning
algorithms.
It analyzes transaction data and account details to predict mule accounts with
higher accuracy and speed.
By tracking the flow of illicit funds into mule accounts, the platform enables banks
to detect fraudulent activity more effectively within their networks.
The tool has been successfully piloted in two public sector banks.

About Mule Accounts


Source- Researchgate

According to the Reserve Bank Innovation Hub, ‘mule accounts’ are bank accounts
exploited by criminals to channel illicit funds.
These accounts are typically opened by individuals who are either deceived by promises
of easy money or pressured into participating.
The recruited individuals, known as money mules, may or may not be aware that they
are aiding in illegal activities.
The transfer of funds through these highly interconnected accounts makes it
difficult to trace and recover the funds.

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