Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts
fraud through widely prevalent "mule accounts", a top executive said.
The Reserve Bank Innovation Hub's (RBIH's) platform, termed Mulehunter.Ai, has already been deployed by two large public sector banks, according to RBIH chief executive Rajesh Bansal. The trademarked platform was developed after identifying a total of nineteen patterns based on insights from multiple banks, he said.
A mule account refers to a bank account that is used to receive and transfer funds acquired by illegal means.
Typical patterns of misuse range from sudden transactions in a dormant account to multiple credits in an account followed by one large debit.
RBIH conducted stakeholder consultations with ten banks to understand the traditional approach adopted by lenders in such cases. It found that most banks still use a rule-based system to identify suspected mule accounts, after which verification is done manually, which leads to significant loss of time.
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