RBI's MuleHunter Platform Bolsters Banks Against Fraud

Fifteen more banks plan to adopt RBI's MuleHunter platform to combat fraud. Developed by RBI Innovation Hub, it identifies fake accounts used for illicit transactions. The AI-driven tool has been effective with 90% positive alerts, aiding banks in detecting fraud efficiently. Initial implementation shows promising results.

Devdiscourse News Desk | Mumbai | Updated: 01-08-2025 21:23 IST | Created: 01-08-2025 21:23 IST

RBI's MuleHunter Platform Bolsters Banks Against Fraud — This image is AI-generated and does not depict any real-life event or location. It is a fictional representation created for illustrative purposes only.

Country:
India

The MuleHunter platform, developed by the RBI Innovation Hub, is set to be adopted by at least 15 more banks in the upcoming weeks, a senior official revealed on Friday. This initiative aims to bolster efforts to identify fraudulent accounts used for illicit transactions.

Currently, institutions like Canara Bank, Punjab National Bank, Bank of India, and others have integrated this AI-driven tool. It has shown high efficiency, with a 90% positive alert rate, significantly higher than other platforms. This success is expected to enhance fraud detection across the banking sector.

Although still in its infancy, MuleHunter has already recognized 90 patterns associated with fraudulent activities. As the system continues to evolve, it promises to strengthen law enforcement measures against financial crimes, especially as new technological challenges, like quantum computing, emerge.

(With inputs from agencies.)