A Mule Account is a bank account that is used, either deliberately or unknowingly, to transfer funds related to illicit acts such as online scams, phishing frauds, or cybercrimes. Mule accounts are often seen to be authentic, complete with proper KYC. Cyber criminals often channel stolen monies through three or four mule accounts in short succession, dividing and re-combining funds to break the transaction trail.AI-powered detections are able to proactively identify and block down mule accounts before they cause financial and reputational damage, in contrast to traditional methods. They achieve this by real-time analysis of anomalies, behavioral biometrics, and transaction patterns.The Reserve Bank of India’s mule account detection system using AI and ML MuleHunter was designed to help banks in proactively identifying and blocking mule accounts with higher accuracy.It is specifically designed to identify mule accounts, which are accounts that cyber criminals use to quickly accept and transfer illicit money across several channels.
