Combating financial frauds

The Reserve Bank of India (RBI) has introduced a cutting-edge AI/ML-based model called “MuleHunter.AI” to combat the rising issue of financial frauds involving mule accounts. Developed by the RBI Innovation Hub, this innovative tool aims to detect and neutralize money mule accounts more efficiently and accurately than traditional rule-based systems.

MuleHunter.AI is designed to identify and mitigate mule accounts, which are bank accounts used by criminals to launder illicit funds. These accounts are often set up by unsuspecting individuals who are either deceived by promises of easy money or coerced into participation. The interconnected nature of these accounts makes it challenging to trace and recover stolen funds.