Reserve Bank of India: The RBI innovation hub in Bengaluru has developed a new artificial intelligence based system to reduce digital frauds using money mule accounts. ”In India, mule accounts are being opened by legitimate Indian nationals who are selling off the use of the accounts (the “Accomplice” persona). This makes the account harder to detect at onboarding,” said BioCatch in an report.
RBI policy acts big on banking frauds: New AI tool MuleHunter.ai by RBI to help reduce digital frauds
