Centre freezes 450,000 'mule' bank accounts used in cyber fraud schemes

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Centre freezes 450,000 'mule' bank accounts used in cyber fraud schemes - Business Standard

Quick Summary:

Officials from the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs, recently discussed these issues in a meeting with the Prime Minister’s Office (PMO).

The bank uses real-time application programming interface (API) integration with the I4C suspect registry to screen customers, along with advanced artificial intelligence/machine learning (AI/ML) models to detect account takeovers.

Additionally, banks have been urged to investigate the role of bank staff in facilitating these accounts.