Finance Ministry on Friday asked banks and financial institutions to use artificial intelligence (AI) tools including MuleHunterAI developed by the Reserve Bank of India (RBI) to rein in growing financial frauds.
In a meeting chaired by Financial Services Secretary M Nagaraju, banks were asked to adopt best practices, leveraging cutting edge tools, and foster inter-bank collaboration to address mule accounts effectively.
He emphasised that proactive measures are required to be taken to protect citizens’ hard-earned money.
“Protecting citizens’ wealth is our shared responsibility,” the Department of Financial Services (DFS) said in a series of posts on X.
Banks are directed to adopt advanced technologies, including AI and machine learning (ML) solutions for real-time detection of mule accounts, it said.
“Banks were also encouraged to explore and implement http://MuleHunter.AI, an AI/ML-driven model developed by RBI, to strengthen the detection and monitoring of mule accounts,” he told representatives of I4C, RBI, NABARD and banks.
Earlier on Friday, the RBI asked banks to collaborate with its initiative, MuleHunter.AI, to weed out mule accounts which are used to commit financial fraud.
