Increasing digital fraud and mule accounts are deceiving the public and agencies. To address this, the Reserve Bank of India (RBI), through its subsidiary Reserve Bank Innovation Hub (RBIH), has ...

The RBI on Friday asked banks to collaborate with its initiative MuleHunter.AI to weed out mule accounts which are used to commit financial fraud. “Use of money mule accounts is a common method ...

In a major push to combat cyber fraud, banks in India have asked for the authority to freeze mule accounts without waiting ...

To combat cyber fraud via mule accounts, banks are urging for authority to freeze suspicious accounts swiftly, bypassing lengthy approval processes. The Indian Banks' Association suggests using AI and ...

Banks are on the quest to get the authority from the RBI to freeze accounts that are ... Among the tools employed by criminals, money mule accounts play a critical role in disguising the origins ...

Mule accounts are in violation of several rules ... Even Sebi and Reserve Bank of India (RBI) rules say such accounts should not be used. Advisory Alert: It has come to our attention that certain ...

Currently, banks can block accounts based on internal alerts. Mule accounts are often used by fraudsters to move illegal funds through the banking system. Although banks freeze many such accounts each ...

The Indian Banks’ Association (IBA) sought greater authority from the Reserve Bank of India (RBI) to freeze bank ... Users from the Menace of Money Mule Accounts.” For context, money ...

RBI extends MuleHunter.AI to more banks, tightens noose around mule accounts Developed by RBI's Innovation Hub, this in-house AI/ML-based tool, called MuleHunter.AI, is a system developed to ...

"In light of this, we may propose this as a suggestion for further consideration by the RBI," the report stated. Mule accounts -- those used by cybercriminals to move stolen or illegal money ...