Hyderabad, April 30 -- The Department of Financial Services (DFS) has directed banks to adopt the Reserve Bank of India (RBI)-developed artificial intelligence tool MuleHunter.AI at the earliest to detect and block mule accounts being used by cyber criminals to siphon money from victims of digital financial fraud.

The instruction came at a high-level meeting chaired by the DFS Secretary, which was attended by the Hyderabad Commissioner of Police and senior officials from the Indian Cyber Crime Coordination Centre (I4C), Central Bureau of Investigation (CBI), RBI and major banks.

The meeting reviewed the findings and learnings from Operation Octopus, a recent crackdown carried out by the Hyderabad Police targeting cyber-enabled financial...