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 ...

"In light of this, we may propose this as a suggestion for further consideration by the RBI," a working group constituted by the Indian Banks' Association said in a report. Mule accounts are used by ...

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 ...

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 ...

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 ...

To counter rising cyber fraud involving mule accounts, Indian banks are pushing for urgent regulatory authorisation to freeze suspicious accounts without court or law enforcement delays. A report by ...

In a bid to tackle financial fraud, banks plan to verify and restrict 'mule' accounts using voter ID cards and Form 60 by linking to the Election Commission database and capping transactions. The ...

"In light of this, we may propose this as a suggestion for further consideration by the RBI," a working group constituted by the Indian Banks' Association said in a report. Mule accounts are used ...

AI transforms India’s banking, financial services, and insurance sector with automation, fraud detection, and faster, smarter ...

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 ...

"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 ...