The Indian Cyber Crime Coordination Centre (l4C) is an attached office of the Ministry of Home Affairs (MHA) that was created to give Law Enforcement Agencies (LEAs) a framework and ecosystem for responding to cybercrimes in a thorough and coordinated way.
The National Cyber Crime Reporting platform (https://cybercrime.gov.in) was also launched by the MHA to allow the public to report of cybercrime.
The RBI also introduced MuleHunter, an AI-based tool for identifying money mules, and advised banks and other financial institutions on its applications.Mule accounts are bank accounts used by criminals to launder money; they are frequently created by unsuspecting people who are forced to participate or lured by promises of easy money. Fund transfers made through these intricately linked accounts make it challenging to track down and retrieve the money.So,RBI has created an internal AI/ML-based solution that is more appropriate for identifying suspected mule accounts than a rule-based system.
To protect UPI transactions, the National Payments Corporation of India (NPCI) has also introduced various measures, such as device linking between the customer’s mobile number and the device, two factor authentication via PIN, a daily transaction limit, and restrictions on use cases. Additionally, by employing AI/ML-based models to create alerts and reject transactions, NPCI offers all banks a fraud monitoring service.
