finance

RBI launches MuleHunter.AI, a groundbreaking artificial intelligence system designed to combat digital financial fraud in Indian banking. This innovative tool, developed by Reserve Bank Innovation Hub in Bengaluru, specifically targets mule accounts used for money laundering. With 67.8% of cybercrime complaints related to online financial frauds, MuleHunter.AI uses advanced machine learning algorithms to detect suspicious patterns across banking networks. The system analyzes 19 distinct fraud patterns and provides smaller banks access to enterprise-level fraud detection capabilities, marking a significant advancement in India’s fight against cyber financial crimes.