Surat. The South Gujarat Chamber of Commerce and Industry (SGCCI) convened a seminar on Friday to address the escalating threat of cyber fraud within the Indian banking system. During the seminar, technical expert Dr. Chintan Pathak highlighted the misuse of artificial intelligence (AI) as a formidable tool for cybercriminals.
AI: A Double-Edged Sword
SGCCI President Vijay Mevawala acknowledged the dual impact of AI on financial systems, noting, "AI has made financial systems more efficient, but at the same time, the dangers associated with it have also increased. We have to make our banking system more secure using the benefits of AI."
Significant Financial Losses
Dr. Pathak reported that Indian banks have incurred losses amounting to Rs 5.3 lakh crore due to cyber fraud over the past decade. He remarked, "Due to AI, criminals are always one step ahead." To combat this, he recommended that banks adopt AI-based fraud detection systems, regularly monitor accounts, and establish efficient technical teams.
India's Cybercrime Ranking and Key Statistics
India currently ranks 10th globally in terms of cybercrime. In the previous year alone, 20 lakh Indians were defrauded of Rs 37 crore. Uttar Pradesh leads the states in cybercrime incidents, with Surat and Ahmedabad identified as major centers of cybercrime in Gujarat.
Common Cybercrime Tactics
Dr. Pathak described various methods used by cybercriminals, including:
- Blackmail via WhatsApp and Email: Criminals extort money by threatening to release pornographic videos.
- Phishing Attacks: Victims are deceived with false information such as threats of bank account closures or fines.
- Voice Cloning: Fraudsters imitate someone's voice to commit fraud.
Precautionary Measures
Dr. Pathak advised the public to avoid downloading unknown links or files, refrain from sharing personal information on social media, and immediately report any suspicious activity to their bank.
Call for Vigilance and Collaboration
Highlighting the growing threat of cyber fraud, the seminar underscored the necessity for constant vigilance and collaborative efforts by banks and the government to address the issue effectively.
Seminar Proceedings
Chamber Minister Nirav Mandlewala, Group Chairman Dr. Anil Saraogi, and IT sector professionals attended the seminar. Dr. Jaynaben Bhakt, Chairman of the Cooperative Sector Banking Committee, conducted the seminar and delivered the vote of thanks. Rajeev Kapasiyawala, Co-Chairman of the Nationalised Private Banking Committee, introduced Dr. Chintan Pathak, who satisfactorily answered various queries related to cyber frauds, concluding the seminar.
