By Admin 
AI in banking security: India is one of the largest users of digital payments in the world. From big shops to small fruit and vegetable shops, the facility of online payment is becoming available. Today, a large population in India uses digital payment options. On one hand, the number of people making digital payments has increased. At the same time, cases of online fraud have also increased.
Talking about the data of Reserve Bank of India, cases of digital fraud worth Rs 36,014 crore were reported in the year 2024. To stop this fraud, two big banks of the country are working on a new AI based system. State Bank of India and Bank of Baroda are together finding a solution to this problem. Under which suspicious transactions can be stopped in real time.
What are the preparations of both the banks?
SBI and Bank of Baroda are jointly creating a system in which such frauds will be detected and stopped in real time (at the time you are making digital payments) using AI and machine learning. To create this system, both the banks will invest Rs 10 crore each at the initial stage. Besides, other government banks of the country will also become participants in this initiative.
On which system does the bank currently work?
RBI’s MuleHunter AI technology is currently being used by banks. The bank extracts the information about such account and takes action on it. Which is used for transaction of money obtained fraudulently. Such accounts are called mule accounts.
The Innovation Hub of the Reserve Bank of India has developed MuleHunter AI. A few days ago, information was given by RBI that the Reserve Bank is working on such a digital payment intelligence platform. Using which online fraud will be detected in real time.
Also read: What to do if you need money urgently? Know which option is right, personal loan, credit card or overdraft