By Admin 
Online Scams and RBI: While digital payment has made work very easy, on the other hand, rapidly increasing cyber crime in India has made life difficult for people. In such a situation, now the Reserve Bank of India (RBI) is working rapidly on a modern system along with a very strict step. Where, under this new initiative, every digital bank deposit and transaction will now be given a risk score.
Crackdown on Mule accounts
Very few of you would be aware that cyber criminals mostly use the bank accounts of others to hide fraudulent money, which in other words is also called Mule Accounts. To tighten the noose on this, the Reserve Bank Innovation Hub (RBIH) in collaboration with the Central Government has developed a special type of AI tool named mulehunter.ai. Which works completely on Advanced Machine Learning (ML) algorithms. Through this tool it will become very easy to catch suspicious accounts.
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Now IDPIC will take command
Apart from this, the responsibility of running this entire security has been handed over to IDPIC (Indian Digital Payment Intelligence Corporation). Where, a ‘shared registry’ of suspicious accounts used by cyber criminals will first be created. Not only this, pilot testing of this AI tool has been done in two big public sector banks of the country, after which good results are also being seen.
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On the other hand, RBI is continuously encouraging all the banks to adopt this modern technology so that the entire Indian banking infrastructure can be secured from cyber attacks as quickly as possible.