MuleHunter unveiled by the RBI to prevent digital frauds.
The introduction of an Artificial Intelligence (AI) and Machine Learning (ML)-based model named MuleHunter has been announced by the Reserve Bank of India (RBI).
AITM is to prevent and reduce digital fraud through the use of mule accounts.
This public infrastructure facility has been developed by the Reserve Bank Innovation Hub (RBIH), Bengaluru, to help banks address the issue of mule bank accounts expeditiously and reduce digital frauds.
MuleHunter is basically an infrastructure-level setup that will use the database of all the banks and all other payment system operators.
Its AI engine will be trained to be able to identify fraud in the financial system more effectively.
Banks, card systems, and other institutions are free to use their own fraud detection systems, but they can also use MuleHunter in addition.
The idea behind launching MuleHunter is for RBI to create an infrastructure-level facility that can be used by others with multiple participants.
