New Delhi, April 30 (IANS). Secretary, Department of Financial Services (DFS) on Thursday directed banks to quickly adopt the ‘MuleHunter.AI’ tool developed by the Reserve Bank of India so that fake accounts involved in cyber financial fraud can be timely identified and stopped.
The Secretary chaired a meeting with the Police Commissioner of Hyderabad and senior officials of the Indian Cyber Crime Coordination Centre, Central Bureau of Investigation, Reserve Bank of India, Indian Digital Payments Infrastructure Company and banks to review digital financial frauds and the increasing use of fake accounts by cyber criminals.
The discussion focused on the recent ‘Operation Octopus’ conducted by Hyderabad Police and the lessons learned from it. The emphasis was on strengthening coordinated efforts to combat cyber-based financial fraud and enhance customer protection, DFS said in a post on social media platform X.
The meeting stressed on close collaboration between law enforcement agencies and banks, real-time intelligence sharing, and rapid response mechanisms to detect and prevent digital financial fraud under Operation Octopus. DFS Secretary advised the State Level Bankers’ Committees to sensitize the State Police authorities about the steps taken by banks to prevent cyber financial frauds and conduct extensive public awareness campaigns.
Meanwhile, Hyderabad Police Commissioner VC. Sajjanar said the DFS Secretary chaired a high-level meeting with officials in New Delhi, in which he himself was also present. In this meeting, the recent action taken by Hyderabad Police against fake accounts under ‘Operation Octopus’ was reviewed.
The Commissioner informed that the focus of the discussion were the key learnings learned from the operation, with emphasis on strengthening coordinated efforts to combat cyber-based financial frauds and enhance customer security.
Sajjanar had last week suggested significant changes in the banking system, saying such reforms were essential to eliminate organized gangs operating across the country.
–IANS
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