The Reserve Bank of India (RBI) said on Friday (December 6) that it has created an artificial intelligence (AI) powered model that could reduce digital fraud by helping banks deal with the increasing problem of “mule” bank accounts. The model, called MuleHunter.AI, has been developed by the Reserve Bank Innovation Hub (RBIH), Bengaluru, a subsidiary of the central bank.
What is a mule bank account?
A mule account is a bank account that is used by criminals for illegal activities, including the laundering of illicit funds. A mule account is typically bought over by the criminals from their original users, individuals who are often from lower income groups, or have low levels of technical literacy. Read more
Source: Indian Express