The Secretary of the Department of Financial Services has directed banks to promptly implement the MuleHunter.AI tool developed by the Reserve Bank of India. This tool aims to identify and prevent mule accounts used in financial cyber frauds. A meeting was convened by the Secretary with various officials, including the Commissioner of Police, Hyderabad, to discuss digital financial frauds and the growing use of mule accounts by cybercriminals.
Efforts were focused on reviewing ‘Operation Octopus’ conducted by the Hyderabad Police and the insights gained from it. The importance of strengthening coordinated actions to combat cyber-enabled financial fraud and enhance customer protection was underscored. The meeting stressed the need for enhanced collaboration between law enforcement agencies and banks, emphasizing real-time intelligence sharing and quicker response mechanisms to combat digital financial fraud under Operation Octopus.
The Secretary of the Department of Financial Services also recommended that State Level Bankers’ Committees educate State Police Authorities on the measures taken by banks to prevent cyber financial frauds and engage in more public awareness campaigns. Hyderabad Police Commissioner V. C. Sajjanar noted that the Secretary chaired a high-level meeting in New Delhi to review the recent crackdown on mule accounts under ‘Operation Octopus.’ Discussions centered on reinforcing collaborative efforts to address cyber-enabled financial frauds and boost customer protection.
