NPCI combats financial crimes and money mule accounts, implementing tech-based solutions and public campaigns.
NPCI is tackling rising financial crimes and fraud by developing a new model to identify and curb "money mule" accounts, as revealed by NPCI's Non-Executive Chairman Ajay Kumar Choudhary. Money mule accounts are used by criminals to launder stolen funds. NPCI is implementing public campaigns and advanced technology-based 'Fraud Risk Monitoring and Management' solutions to address this issue. Cybercriminals looted ₹1,750 crore in India in the first four months of 2024, and NPCI's initiatives are crucial for safeguarding the financial ecosystem.
August 29, 2024
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