Through the use of AI and sophisticated data analytics, the two organisations will work together to combat the growing problem of cyber fraud and identify “mule accounts” in the financial and digital payment systems.
Officials have stated that the partnership will center on developing proactive fraud detection systems through the exchange of intelligence, analysis of fraud risks, and coordinated operational support.
Amit Shah, the Union Home Minister, hailed the move as a giant leap forward in creating a “cyber secure Bharat,” adding that mule accounts are still a big obstacle to preventing digital financial crimes.
Banks will be able to better detect and terminate suspect accounts thanks to the agreement’s integration of I4C’s Suspect Registry with RBIH’s AI-based tools like MuleHunter.ai.
Additionally, RBIH will increase the digital banking ecosystem’s detection accuracy and AI-driven fraud-risk models by using shared datasets.
Representatives from the cybersecurity, intelligence sharing, and financial technology innovation departments as well as senior officials from the Ministry of Home Affairs, RBI, RBIH, and I4C were present at the signing event.
People in India will have more faith in online banking and digital payment systems as a result of this program.
IMage Credit: Devdis Course
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