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Banks are being urged to adopt the RBI’s MuleHunter AI tool to proactively identify and prevent mule accounts used in cyber financial frauds, enhancing customer protection and financial security.
IMAGE: Illustration: Dominic Xavier/Rediff.com
Key Points
- Financial Services Secretary urges banks to adopt RBI’s MuleHunter AI tool for identifying mule accounts.
- The MuleHunter AI tool aims to prevent financial cyber frauds by detecting suspicious mule account activity.
- State Level Bankers’ Committees are advised to sensitise State Police Authorities about cyber fraud prevention measures.
- Discussion focused on ‘Operation Octopus’ by Hyderabad Police and learnings from it to combat cyber-enabled financial fraud.
- Meeting emphasised closer collaboration between law enforcement agencies and banks for real-time intelligence sharing.
Financial Services Secretary M Nagaraju on Thursday asked banks to adopt the MuleHunter AI tool developed by RBI at the earliest for timely identification and prevention of mule accounts involved in financial cyber frauds.
Combating Cyber Fraud With AI
During a meeting with senior officials of law enforcement agency, RBI and banks, he reviewed the digital financial frauds and increasing use of mule accounts by the cyber criminals.
During the meeting he also advised State Level Bankers’ Committee to sensitise the State Police Authorities about the steps taken by the banks for prevention of cyber financial frauds and undertake greater public awareness initiatives, the Department of Financial Services said in a post on X.
Operation Octopus and Collaborative Efforts
The discussion focused on ‘Operation Octopus’ recently carried out by the Hyderabad Police, and learnings emerged from it, it said.
It was emphasised to strengthen coordinated efforts to combat cyber-enabled financial fraud and enhance customer protection, it said.
The meeting emphasized closer collaboration among law enforcement agencies and banks, real-time intelligence sharing, and faster response mechanisms to detect and prevent digital financial frauds under Operation Octopus, it added.
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