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Udaipur, March 30 (Udaipur Kiran): The Reserve Bank of India has introduced an artificial intelligence-based tool ‘MuleHunter’ to identify money mules and has advised banks and financial institutions to adopt it to curb digital fraud.
The information was shared by Minister of State for Finance Pankaj Chaudhary in Parliament in response to a question raised by MP Dr Mannalal Rawat regarding rising cases of online fraud. The MP had sought details on measures taken by the government to prevent fraud and cybercrime in digital transactions.
Dr Rawat also sought information on the number of complaints registered through the National Cyber Crime Reporting Portal and helpline number 1930, assistance provided to victims, and steps taken by the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) to ensure transaction security and consumer protection. He further raised concerns about increasing cybercrime incidents in regions like Jamtara (Jharkhand) and Mewat (Haryana).
Responding to the query, the minister said the government is taking multiple initiatives in consultation with regulators and stakeholders to prevent fraud in digital transactions. Banks have been advised to adopt robust software for real-time transaction monitoring and use AI or machine learning tools to detect suspicious and fraudulent transaction patterns. Network analytics is also being used to identify mule networks.
To prevent fraud related to Unified Payments Interface (UPI) transactions, measures such as device binding, two-factor authentication, daily transaction limits, and restrictions on use cases have been implemented.
The minister further informed that to help compensate customers for losses due to fraudulent transactions, the RBI had issued a circular on July 6, 2017, directing banks to limit customer liability in cases of unauthorised electronic banking transactions.
The RBI and banks are also conducting awareness campaigns through SMS alerts, radio campaigns, and other initiatives to prevent cybercrime. Additionally, banks and financial institutions have been advised to monitor transactions linked to high-risk jurisdictions and provide specialised training to staff to detect cyber-enabled fraud, including incorporating red-flag indicators in training modules.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
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