The Reserve Bank of India (RBI) is actively fighting financial fraud with the implementation of MuleHunter AI, a machine learning tool designed to detect mule bank accounts. Announced by Suvendu Pati, RBI’s Chief General Manager, at the Future Proof Forensics 2025 conference in Mumbai, 15 banks are integrating this system, with five, including Canara Bank and Punjab National Bank, already operational. MuleHunter boasts an impressive 95% accuracy in identifying fraudulent accounts used for money laundering. This technology helps banks automate fraud detection, trigger real-time alerts, and better monitor suspicious transactions. RBI’s initiative aims to enhance financial integrity through AI-driven surveillance amidst growing cybercrime. With plans for widespread adoption by October 2025, the RBI encourages smaller banks to adopt similar frameworks, heralding a transformation in fraud investigations from reactive to proactive measures. This advancement aligns with the need for robust fraud resilience strategies in India’s banking sector.
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