Strategic Consultant
Safeguarding trust in the digital economy.
Delve into the latest developments in cyber risk management, regulatory compliance, and digital threat intelligence. Learn strategies to protect organizational assets, ensure governance, and maintain resilience in an interconnected world.
Synthetic Phishing utilizes AI-generated deepfakes and synthetic identities to execute highly convincing scams, posing an urgent threat to India's digital payments system. This new form of deception exploits trust and bypasses traditional security, especially targeting the instantaneous, irreversible nature of UPI. Banks, regulators, and users must upgrade defenses and digital literacy to protect the nation's financial future.
The Himachal Pradesh State Co-operative Bank suffered a major cyber fraud, losing ₹11.55 crore due to hackers compromising a customer's mobile phone. The attack involved installing a malicious app that enabled unauthorized access to the bank's systems, resulting in significant high-value transactions. This incident raises urgent concerns about cybersecurity in financial institutions, highlighting the need for improved defenses, employee training, and proper budgeting for security measures to protect customer trust and prevent operational disruptions in the future.
Bengaluru's Adarsh Developers filed a complaint against AWS for alleged data deletion causing ₹150 crore losses, emphasizing the importance of data management in cloud computing. This incident underlines the shared responsibility model, where cloud providers secure infrastructure, while customers must protect their data. Key lessons include the necessity of backups, access control, disaster recovery plans, and understanding service agreements to mitigate risks in cloud environments.
A recent United Nations report has revealed that criminal networks in Southeast Asia are increasingly exploiting encrypted messaging platforms to facilitate large-scale illegal activities, including trading hacked data, cybercrime tools, and laundering money through unlicensed cryptocurrency exchanges. Organised crime syndicates, particularly from China, are using these platforms to operate fraud schemes that generate billions of dollars annually. The report also highlights the use of advanced technology such as deepfakes and artificial intelligence to innovate cyber-enabled fraud. Despite increased legal scrutiny, these platforms remain a hub for illegal transactions due to their lax moderation and privacy-focused design.
India is experiencing a surge in digital fraud, predominantly in financial scams, with 4.78 million cybercrime complaints recorded as of August 31, 2024. A phone hacking scam in Ranchi serves as a stark reminder of how routine interactions can become vehicles for financial crime. The victim was one of my friends and an ex-banker. His swift actions have restricted his losses to one unauthorised debit. The launch of an online 'suspect registry' by the Indian Cyber Crime Coordination Centre aims to combat this growing threat. Vigilance, verification of communications, and swift response are crucial in preventing such scams.
In the peaceful town of Brooksville, Brooksville Savings Bank fell victim to a cyber breach orchestrated by a skilled hacker, "ShadowPhantom". The breach, initially unnoticed, resulted in significant financial losses and jeopardized customer data security. Following the discovery, the bank took rigorous measures to rectify the situation, improve security, and raise awareness about cybersecurity.
Logical ATM attacks have become a major concern for financial institutions worldwide, as hackers exploit vulnerabilities in bank networks to remotely manipulate ATMs and steal millions. These covert attacks underscore the evolving threat landscape of cybercrime and the need for robust cybersecurity measures, collaboration, and vigilance to safeguard the integrity of global banking systems.
Indrajit Roy Choudhury 