Gain command over AI, Quantum Computing tech to spur India in innovation: Rajnath Singh
He said this while addressing the inaugural session of the Indian National Academy of Engineering’s Annual Convention at IIT Delhi.
The Department of Financial Services (DFS) has directed banks to adopt advanced technologies, including artificial intelligence (AI) and machine learning (ML), to safeguard customers from fraudsters.
The decision was taken during a high-level meeting chaired by the Secretary of DFS with representatives from the Reserve Bank of India (RBI), public sector banks, private banks, and payment banks.
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“Banks were directed to adopt advanced technologies, including AI/ML solutions, for real-time detection of mule accounts, training & upskilling bank staff on fraud detection & prevention, greater advocacy & awareness for common citizen for not to fall prey to the fraudsters,” Department of Financial Services in a social media post said.
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At the meeting, the secretary of the Department of Financial Services, emphasised the need for proactive measures to protect citizens’ hard-earned money, and highlighted the importance of leveraging cutting-edge tools and practices to combat these challenges effectively.
The secretary also emphasised the importance of spreading awareness among customers about common fraud tactics, urging citizens to stay vigilant and not fall prey to fraudsters.
Apart from this, banks were instructed to prioritise the training and upskilling of their staff in fraud detection and prevention.
The banks were encouraged to explore MuleHunter.AI, an AI/ML-driven solution developed by the RBI, which offers enhanced capabilities in detecting fraudulent activities and tracking suspicious accounts.
Notably, last week, RBI Governor Shaktikanta Das said that the RBI Innovation Hub is making progress in combating financial fraud by promoting the use of MuleHunter.AI, an advanced artificial intelligence tool.
This technology specialises in detecting and flagging mule accounts, which are often exploited for money laundering activities.
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