Strategic Consultant
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.
Investigative agencies play a crucial role in addressing misconduct within the banking sector, yet face challenges in distinguishing between genuine errors and deliberate fraud. Overzealous investigations may deter honest officials and overlook fraudsters, highlighting the need for specialized training and collaboration with banking experts. A focus on systemic vulnerabilities is essential for enhancing financial integrity.
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.
Indrajit Roy Choudhury 