Experts Advocate AI Solutions to Combat Rising Digital Fraud and Deepfakes
Forensic experts call for AI-driven playbook to counter deepfakes and digital scams
The Economic Times
Image: The Economic Times
At the FICCI Conference on Next-Gen Forensics, experts highlighted the urgent need for AI-driven strategies to combat increasing cybercrime, including deepfakes and digital scams. They emphasized the importance of advanced forensic technology, real-time intelligence sharing, and collaboration among regulators and law enforcement to protect investors and businesses.
- 01Brijesh Singh from the Maharashtra government noted that cybercrime now functions like a specialized supply chain, making traditional investigative methods insufficient.
- 02SEBI's initiatives such as SEBI Check and App Check aim to enhance investor protection and digital trust amid rising fraud risks.
- 03KPMG's report indicated that the surge in digital transactions has expanded the fraud risk landscape, necessitating intelligence-driven investigations.
- 04Experts stressed the need for integrated forensic platforms and updated evidence rules to effectively combat modern financial crime.
- 05The conference also released two reports detailing emerging fraud trends and the necessary forensic capabilities to address these challenges.
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At the recent FICCI Conference on Next-Gen Forensics, experts discussed the escalating threat of cybercrime, including sophisticated deepfakes and digital scams, which have outpaced traditional investigative methods. Brijesh Singh, Principal Secretary of Maharashtra, highlighted that cybercriminals operate in an organized manner akin to a supply chain, where data theft and money laundering can occur within minutes. The conference underscored the necessity for AI-driven solutions, real-time intelligence sharing, and enhanced cooperation among regulators, private firms, and law enforcement to protect investors and businesses. Govindayapalli Ram Mohan Rao from SEBI emphasized the importance of proactive measures like regular cybersecurity audits and tech-led initiatives to foster investor confidence. Additionally, the FICCI-KPMG report pointed out that the rapid expansion of digital services has increased the potential for fraud, urging companies to adopt intelligence-driven approaches. The event also featured the release of two significant reports outlining the challenges and strategies in combating digital fraud.
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The rise in digital fraud poses significant risks to investors and businesses in India, necessitating urgent action to enhance cybersecurity measures.
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