RBI’s AI app to crack down on e-fraudsters – Times of India-OxBig News Network

MUMBAI : To track online frauds, RBI has introduced artificial intelligence application MuleHunter.AI to identify and alert banks about ‘mule accounts’ used to siphon off defrauded funds.
RBI deputy governor T Rabi Sankar explained the purpose of MuleHunter.AI, calling it “an infrastructure-level setup”. He said, “It will use databases from all banks and payment system operators, and its AI engine will be trained on this extensive data set to more effectively detect fraud in the financial system.”
While the number of frauds per transaction has been declining over the years, Sankar said there was growing concern over the increasing overall volume and value of fraud cases.
Developed by the Reserve Bank Innovation Hub in Bengaluru, MuleHunter.AI is part of RBI’s ongoing efforts to prevent and mitigate digital fraud. “Mule-Hunter is an infrastructure facility that any entity, particularly smaller banks and organisations without sufficient resources to develop such systems, can utilise,” Sankar added.