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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 money from people in it.

RBI's MuleHunter Ai: The Reserve Bank of India has asked banks on Friday to use MuleHunter.AI tool. So that the mule accounts (fake accounts) used for financial fraud can be identified and removed. According to the RBI, MuleHunter.AI has already been successfully used 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 money from people in it. Money transfers from these accounts are difficult to trace and get refunds.

According to National Crime Records Bureau (NCRB) data, 67.8% of cybercrime-related complaints are due to online financial frauds. In such a situation, there is a great 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 mule account is a bank account that criminals use to launder money illegally. Often these accounts are opened by unknown persons who are lured by paying a nominal amount. Money transfers from these accounts are difficult to trace 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 to identify these mule accounts. Due to which many such accounts remain unseen. After this, the RBI has developed this tool after working with several 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 better than the current system for identifying suspicious mule accounts. With the help of advanced ML algorithm transactions and account details-related datasets, the tool can identify mule accounts very quickly.

The RBI's motive behind developing this tool is to rapidly identify fraud accounts. Because bank frauds are happening in many ways and day by day it is increasing continuously. So the best way is to find out where this money ultimately goes. Using this new technology, banks can identify mule accounts faster and with greater accuracy.