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.
- 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.
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