Combating the Threat of Money Mules in Indian Banks

Money mules are rapidly emerging as key enablers of digital fraud across India’s financial ecosystem. In this compelling fireside chat, Debasis Patri, CGM at State Bank of India and Rob Woods from LexisNexis Risk Solutions examine the growing threat, unpacking how organized mule networks exploit data silos, manipulate banking relationships, and evade detection through increasingly sophisticated methods. Moderated by Manoj Agrawal from Banking Frontiers, the discussion delves into both the operational and strategic challenges confronting financial institutions today.

Backed by global perspectives and grounded in practical experience, the dialogue highlights the urgency for Indian banks and financial institutions to accelerate collaboration, adopt advanced risk analytics and predictive models, and strengthen their defences against this hidden but escalating risk. A must-watch for BFSI leaders focused on building resilient, future-ready organisations.

From the use of machine learning and biometric authentication to the pivotal role of the Indian Cybercrime Coordination Centre (I4C), the conversation underscores the need for regulation and technology to evolve in lockstep. The session also explores how institutions are rethinking fraud frameworks, modernizing infrastructure, and navigating emerging compliance requirements such as the Digital Personal Data Protection Act.