RBI MuleHunter AI: The rapidly increasing cyber fraud in the country has given sleepless nights to the common people. With the increasing use of digital payments, cases of fraud have also increased and incidents of fraud worth crores of rupees are coming to light. To deal with this serious challenge, the Central Government is now going to take the help of Artificial Intelligence. In this direction, a special AI tool named ‘MuleHunter.ai’ is in discussion, which is being emphasized on being implemented in all banks.
What is MuleHunter.ai?
MuleHunter.ai was introduced by the Reserve Bank of India through its subsidiary Reserve Bank Innovation Hub in December 2024. This is an advanced AI based software which has been specially designed to identify mule accounts i.e. bank accounts which are used for money laundering or cyber fraud.
Mule accounts are usually accounts that are fraudulently opened or used by criminals to transfer money to others and make it disappear. The purpose of this software is to catch such accounts in time and mark them in the system.
Why does the government want its widespread use?
Recently, Union Home Minister Amit Shah has appealed to all banks to adopt this AI tool. In the first phase, it was implemented with a limited number of banks, but now the government wants more and more banks to include it in their systems so that cyber crimes can be effectively stopped.
It has been reported that this AI system has been able to identify thousands of suspicious accounts every month. The government believes that if all banks adopt it, then the cases of fake transactions and fraud can be significantly reduced.
How does this AI system work?
MuleHunter.ai has been trained using large data sets. It closely understands the activities, transaction patterns and behavior of bank accounts. If an account is found to have unusual activity or features like a mule account, the system immediately flags it. With this, banks can take timely action and keep the money of common people safe.
Since this platform has been developed by the central bank of the country, special attention has been paid to the standards related to security and privacy. Being developed in-house, it can also be monitored and controlled in a better way.
Big step towards cyber security
In this era of digital economy, cyber security has become the biggest priority. Widespread use of AI tools like MuleHunter.ai will not only strengthen the security of banks but will also increase customer confidence. If it is implemented effectively across the country, it can prove to be a strong shield against cyber fraud.
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