Banks to use AI & machine learning to safeguard customers from financial frauds
Department of Financial Services (DFS) has directed banks to adopt advanced technologies, including artificial intelligence (AI) and machine learning (ML), to safeguard customers from fraudsters.
The decision was taken during a high-level meeting chaired by the Secretary of DFS with representatives from the Reserve Bank of India (RBI), public sector banks, private banks, and payment banks.
The meeting focused on tackling digital frauds, especially the increasing number of mule accounts used to facilitate illegal transactions.
Department of Financial Services in a social media post stated that «Banks were directed to adopt advanced technologies, including AI/ML solutions, for real-time detection of mule accounts, training & upskilling bank staff on fraud detection & prevention, greater advocacy & awareness for common citizen for not to fall prey to the fraudsters»
The secretary of Department of Financial Services, emphasized the need for proactive measures to protect citizens' hard-earned money and highlighted the importance of leveraging cutting-edge tools and practices to combat these challenges effectively.
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