Department of Financial Services urges banks to adopt RBI's MuleHunter.AI
The Department of Financial Services (DFS) wants banks to start using RBI's AI tool, MuleHunter.AI, as soon as possible.
This push was announced at a big meeting with top law enforcement officials and bank officials, all focused on stopping cyber frauds that use "mule accounts" (fake or misused bank accounts that help scammers move stolen money).
MuleHunter.AI designed to detect suspicious transactions
MuleHunter.AI is designed to spot shady transactions before scammers can get away with it.
The call for action follows "Operation Octopus," where police busted a huge mule account scam and even arrested some bank staff.
Officials say banks and police need to work together more closely and share information quickly, so they can catch suspicious activity in real time.
The goal? Make digital banking safer for everyone.