The government is planning to employ AI for identifying mule accounts used in cyber fraud, as announced by Home Minister Amit Shah. With cyber fraud cases rising, this measure is being considered to combat the increasing threat. He mentioned that 805 apps and 3,266 website links have been blocked based on recommendations from the Indian Cyber Crime Coordination Centre (I4C).
Additionally, 399 banks and financial institutions have been involved, sharing over 600,000 suspicious data points. The Home Minister declared that over 1.9 million mule accounts have been identified, and suspicious transactions worth 20.38 billion INR have been halted.
The Minister conveyed that AI will be used in coordination with RBI and other banks to detect mule accounts, setting up a system to ensure these accounts are closed before they become active.
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Mule accounts are bank accounts utilized by cybercriminals to transfer illicit funds. In simpler terms, these criminals do not transfer the scammed money directly into their accounts. Initially, funds are moved into mule accounts, which are then dispersed across various bank accounts. This chain-like process makes tracking the fraudulent funds complex.
The Home Minister also reported that a total of 143,000 FIRs have been registered on the I4C portal, benefiting over 190 million people. In light of cyber fraud crimes, the '1930' helpline is available for the public to lodge complaints.
Scammers employ numerous tactics to trap individuals. The best way to protect oneself is by staying vigilant. Being aware can prevent cybercriminals from turning you into a victim. Never share personal details with strangers.
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Avoid clicking on unfamiliar links. Refrain from following investment tips received through WhatsApp, Telegram, or Instagram. It’s advisable to consult experts before investing money. If you receive a call claiming to be from the police, TRAI, or any government official from an unknown number, do not trust it. These could be cybercriminals attempting to scam you under the guise of a digital arrest.
