Bank Fraud: A mule account is a bank account that cybercriminals use to loot money illegally.
Bank Fraud: A mule account is a bank account that cybercriminals use to loot money illegally. By hiding his name and identity, any anonymous person opens these accounts and deposits cheated money from people.
RBI's MuleHunter Ai: The Reserve Bank of India on Friday asked banks to use MuleHunter.AI tool. So that the MUL accounts (fake accounts) used for financial fraud can be identified and removed. According to the RBI, MuleHunter.AI has already been used successfully in two public sector banks.
A mule account is a bank account that cybercriminals use to loot money illegally. By hiding his name and identity, any anonymous person opens these accounts and deposits cheated money from people. It is difficult to trace money transfers from these accounts and get refunds.
According to the National Crime Records Bureau (NCRB) data, 67.8% of cybercrime-related complaints are due to online financial frauds. In such a situation, there is an urgent need for an effective system of MuleHunter.AI to protect people from bank fraud.
What is a Mule Account?
According to the RBI, a money value account is a bank account that criminals use to loot money illegally. Often these accounts are opened by unknown persons who are lured by paying a nominal amount. It is difficult to trace money transfers from these accounts and get refunds.
What is MuleHunter.AI?
According to the Reserve Bank Innovation Hub, the central bank had a lengthy discussion with banks to understand the existing methods and procedures for identifying these malicious accounts. Due to which many such accounts remain unseen. After this, the RBI has developed this tool after working with many banks and keeping in mind the activity pattern of nineteen different mule accounts.
How does MuleHunter.AI work?
It is an in-house AI/ML-based system that is superior to the current system for identifying suspicious mule accounts. With the help of advanced ML algorithms, transaction and account details-related datasets, this tool can identify mule accounts very quickly.