The term artificial intelligence (AI) was first coined by John McCarthy, the father of AI, in 1955. By 2024, on the back of digital innovations during the Covid pandemic, AI had become an integral part of our lives. Insurance companies are now using AI to improve claim settlement; lenders are using it to better match borrowers to loan products; and AI-powered chatbots are answering customer queries, among others.
While AI has made processes convenient for both providers and receivers, it has also become a deadly weapon in the armoury of online fraudsters.
Says Ankit Ratan, co-founder and CEO, Signzy, a digital banking infrastructure provider: “The evolution of technology is like a double-edged sword: increased sophistication leads to a rise in AIpowered scams. This is a growing concern, particularly in India, where consumer data and personal information are directly impacted.”
A recent study by Forrester Consulting and commissioned by Experian, a leading global information services provider, sheds light on a troubling surge in AIrelated frauds in India. A significant 64 per cent of respondents said they experienced increase in frauds over the past year and another 67 per cent said they were struggling to keep pace with the rapid pace of evolution of such frauds and threats.
Typically, fraudsters impersonate high-trust relationships—such as bank or financial institution, close relative, friend or boss—and create a sense of urgency or panic that forces you to act in a way you normally wouldn’t. “We have seen several cases of senior citizens, GenXers, and millennials being victims of payment fraud. People across demography are equally susceptible to such scams,” says Adhil Shetty, CEO, BankBazaar. However, senior citizens could be more vulnerable to such fraud, especially if they are not conversant with modern technology.
HOW AI AIDS FRAUD
Esta historia es de la edición December 2024 de Outlook Money.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 2024 de Outlook Money.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Travel Now Pay Later (TNPL)
Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.
How To Spend Wisely This Year-End
We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key
12 Books Devina Mehra Loved Reading In 2024
Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.
STAY AHEAD OF AI-POWERED CYBER FRAUD
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
Here's How To Avail Of Ayushman Bharat Yojana
Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview
The New Trump Card For IT, Pharma
Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others
Travelling To Europe? Pack In The Essential Covers
Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip
European Sojourn
Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
