New Delhi
Financial fraud has evolved, with data leaks becoming widespread, prompting the Reserve Bank of India (RBI) to emphasize the need for public awareness programs. At an event organized by the PHD Chamber of Commerce and Industry (PHDCCI) in the national capital, Brijlal Singh, Deputy General Manager and Deputy Ombudsman at RBI, highlighted the increasing prevalence of fraud in news reports and the universal risk it poses.
Singh stated that the best defense against fraud is increased awareness and caution. He pointed out that fraud takes various forms, driven by ignorance, greed, and fear, underscoring the necessity of awareness programs.
Cybercrime, projected to cost the world $17.65 trillion annually by 2025, is exacerbated by anonymity and international crime syndicates. Singh discussed different types of fraud, including ATM fraud due to high cash transaction rates and card skimming, which has decreased with the introduction of chip systems. He also mentioned advanced tactics used by fraudsters, such as fake KYC updates and deepfake technology.
Contrary to the belief that fingerprints cannot be copied, Singh warned that with someone’s Aadhaar number, fingerprints can be easily duplicated for fraud.
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Ranjeet Mehta, Executive Director of PHDCCI, highlighted India’s rapid digital growth, noting that 6.3 million searches and 4 million messages are sent online every minute. He praised the Digital India program launched in 2014, which proved vital during the COVID-19 pandemic. As India advances with AI and other technologies, Mehta stressed the importance of raising awareness about digital fraud and crimes.
