What is MuleHunter.ai, RBI’s solution to fight financial fraud

New Delhi. The Reserve Bank of India’s Innovation Hub (RBIH) has taken a big step to curb financial fraud. The bank has launched the AI-based tool Mulehunter.Ai which will curb financial fraud.

RBI has started talks with other banks to promote the adoption of its AI-based Mule Hunter AI tool. According to sources, RBIH CEO Rajesh Bansal said that this tool has already been adopted by two major public sector banks and discussions are going on with ten other banks.

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Reserve Bank’s Mulehunter. Ai is being described as an effective step towards preventing financial fraud. It will help in speeding up the identification of fraud accounts and combating financial fraud. Let’s know what is Mulehunter.Ai and how it works.

Mulehunter.Ai will identify the mule accounts. This platform helps in identifying and detecting “mule accounts”. Mule accounts are usually used for money laundering. Traditionally, rule-based systems and manual verification processes were used to identify these bank accounts, which were time-consuming and less reliable.

To develop Mulehunter.Ai, 19 special patterns have been studied in collaboration with banks. Initial results have shown that this tool significantly improves both accuracy and efficiency. Its testing results are encouraging. It is three times more accurate than the manual system and also reduces time consumption by ten times.

Will curb money fraud

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Addressing the growing challenges of financial fraud

RBIH says that financial fraud is constantly increasing in scale and complexity, where transactions often involve large sums of money. Multiple channels are being used for fraud and it is no longer limited to small amounts but can go up to ₹1 crore.

Bansal also said that the most effective way to curb fraud is to see where the money ultimately goes.

RBI Governor’s warning on potential risks of AI

Recently in the month of October, RBI Governor Shaktikanta Das warned on the potential risks of AI in the financial sector. He said that “even though AI is revolutionizing the financial sector, excessive dependence on it can pose risks to financial stability.”

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