|
The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs, has signed a memorandum of understanding with the Reserve Bank Innovation Hub (RHIB) to deploy artificial intelligence-based systems for identifying mule accounts and improving action against cyber fraud.
The collaboration aims to integrate data from I4C's Suspect Registry with RBIH's AI-driven fraud detection system, enabling faster identification of hidden mule accounts used in cyber fraud transactions. The move is intended to strengthen monitoring and prevention of digital financial crimes, as online fraud incidents continue to rise. Union Home Minister Amit Shah said the agreement is part of the government's efforts to improve cyber security infrastructure and build stronger safeguards for citizens against online fraud. "Mule accounts are big hurdles in curbing cyber crimes. Today, the I4C under MHA signed an MoU with RBIH unleashing the power of Artificial Intelligence to combat cyber fraud," Shah said in a post on X. He said the system will work by feeding data from the Suspect Registry into an AI-based fraud detection framework to trace accounts being used to route illegal transactions. "The move will swiftly detect and cull hidden mule accounts by feeding the data from the I4C's Suspect Registry to the AI-driven fraud detection system," he said. Mule accounts are bank accounts used by fraudsters to transfer or conceal proceeds from cybercrime. Authorities have identified them as a key challenge in tracking digital fraud networks, as they are often opened using false information or operated through unsuspecting individuals. Shah said the initiative will support faster action against such accounts and strengthen fraud prevention mechanisms. "The move will serve the citizens as their next gen shield against cyber crime," he said, adding that the "Modi govt is tirelessly working for cyber secure Bharat." (ANI)
|
