The Union Home Ministry’s Indian Cyber Crime Coordination Centre (I4C) and Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU) to enhance efforts against cyber frauds. This collaboration aims to tackle cyber-enabled financial frauds and mule accounts in the banking and digital payments sector. The MoU focuses on sharing fraud-risk intelligence, providing analytical support, and ensuring operational coordination to strengthen fraud detection and prevention mechanisms.
Union Home Minister Amit Shah emphasized the government’s commitment to a cyber-secure India. He highlighted the significance of addressing mule accounts in combating cyber crimes. The partnership between I4C and RBIH leverages Artificial Intelligence to detect and eliminate hidden mule accounts effectively. By integrating data from I4C’s Suspect Registry into AI-driven fraud detection systems, this initiative aims to shield citizens against cyber crimes.
Under the MoU, I4C and RBIH will collaborate to share intelligence related to mule accounts and suspect identifiers from I4C-MHA’s Suspect Registry. This information exchange will enhance AI-driven fraud detection systems like MuleHunter.ai, which are implemented across various banks. RBIH will utilize these datasets to train and improve AI-driven fraud-risk assessment models, including MuleHunter.ai, as part of their fraud detection framework.
The signing of the MoU involved Roopa M, IG (Admin) from I4C and Sahil Kinni, CEO of RBIH, in the presence of key officials such as Deputy Governor Rohit Jain from RBI and Special Secretary (IS) Anand Swaroop from MHA. The collaboration between I4C and RBIH signifies a joint effort to strengthen India’s cybercrime response ecosystem through initiatives like the National Cybercrime Reporting Portal (NCRP) and Suspect Registry. RBIH, a subsidiary of RBI, focuses on fostering innovation in the financial sector through technology-driven initiatives and AI-enabled fraud detection frameworks to enhance the safety and resilience of the digital payments ecosystem.
