TryGOLD- Free

'Deep Fake' - an emerging risk for Banking & Financial Sector
BANKING FINANCE|December 2024
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
- Suraj Kumar Shoundik
'Deep Fake' - an emerging risk for Banking & Financial Sector

A resident of Kozhikode in Kerala lost Rs. 40,000/-: Cybercriminals defrauded a Kerala’s resident by posing as his former colleague and asked for the money for his siter-in-law’s surgery through a WhatsApp video call.

The man received an anonymous call, not in his contact list which he first ignored. But later he was surprised to see several calls and WhatsApp messages from the same number where the person on other side introduced himself as his former colleague. He again received call which he later picked up. The caller trapped him by saying that he is boarding a flight from Dubai and needs urgent financial favour as his sister-in-law is scheduled for an emergency surgery at a hospital in Mumbai. He requested for UPI transfer of the fund to someone with her at the Mumbai hospital.

The fraudster even switched to video-call for few second to make him believe that he is his colleague. To the surprise of him, the caller, whose face was only visible and clear, looked exactly like his former colleague. His lips and eyes movement were like any normal person as they talked in English. Fraudster disconnected the call purposely and pretend that call has been disconnected. After the short video call, he again came back on a voice call and told him to understand the urgency of the situation and upon landing to India, he will return the money. After the man was double sure, he immediately transferred the money. But later, he was again asked for more rupees which grow suspicion in his mind and subsequently it was discovered to be a fraud.

The above fraud is nothing but a deepfake fraud which uses the fake video/images of one person to impersonate other.

This story is from the December 2024 edition of BANKING FINANCE.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 2024 edition of BANKING FINANCE.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BANKING FINANCEView All
Implementation of New Tax Regime and Its Impact on Direct Tax Revenue
BANKING FINANCE

Implementation of New Tax Regime and Its Impact on Direct Tax Revenue

Salaried assessees constitute a significant number in the direct tax population in India. Removal of existing deductions and exemptions causes disappointment especially for the salaried employees and assessees belong to middle income group who took different tax savings scheme.

time-read
5 mins  |
March 2025
How to Convince Customers to Continue SIP in a Falling Market
BANKING FINANCE

How to Convince Customers to Continue SIP in a Falling Market

Systematic Investment Plans (SIPs) have emerged as one of the most reliable ways for retail investors to build wealth over time. However, during a falling market, many investors become apprehensive and contemplate discontinuing their SIPs, fearing further losses.

time-read
3 mins  |
March 2025
What is Digital Public Infrastructure? A comprehensive introduction to DPI, its components, and benefits
BANKING FINANCE

What is Digital Public Infrastructure? A comprehensive introduction to DPI, its components, and benefits

Digital Public Infrastructure (DPI) is a foundational framework that enables digital transformation in a country. It's akin to the physical infrastructure of roads, bridges, and power grids, but in the digital realm. DPI provides the essential tools and systems for governments, businesses, and citizens to interact and transact digitally.

time-read
9 mins  |
March 2025
Reputational Risk: A DoubleEdged Sword for Indian Banking
BANKING FINANCE

Reputational Risk: A DoubleEdged Sword for Indian Banking

The Indian banking sector has made significant strides in managing reputational risk. However, the challenges and opportunities facing the sector are evolving rapidly. By proactively addressing these challenges and embracing innovation, banks can continue to build trust, enhance their reputation, and contribute to the growth of the Indian economy.

time-read
5 mins  |
March 2025
Priority Sector Lending Norms – Historical trend and Time to realign
BANKING FINANCE

Priority Sector Lending Norms – Historical trend and Time to realign

Climate change has led to the emergence of new concept of green financing which requires huge commitment of allocation of funds. Climate adaptation has taken centre stage at recently held COP29 at the UN global climate summit.

time-read
6 mins  |
March 2025
SAMRIDH: Leveraging Blended Finance for Quality Healthcare in India
BANKING FINANCE

SAMRIDH: Leveraging Blended Finance for Quality Healthcare in India

India faces significant challenges in its healthcare system, primarily due to chronic underfunding. The government allocates approximately 1.9% of its GDP to public health, starkly lower than the global average of about 10%. This shortfall has resulted in inadequate infrastructure, a shortage of skilled workforce, and an overreliance on overstretched public facilities.

time-read
3 mins  |
March 2025
Fintech Ecosystem in India and Impacts of Paytm on RBI's Move
BANKING FINANCE

Fintech Ecosystem in India and Impacts of Paytm on RBI's Move

In today's scenario the wallet users as well as digital channel payment users are having bundle of opportunity to avail services of various service providers and without hindrance they can enjoy the benefits of digital payments.

time-read
5 mins  |
March 2025
Unlocking Financial Synergy: The Power of Co-Lending
BANKING FINANCE

Unlocking Financial Synergy: The Power of Co-Lending

Co-lending is an arrangement where multiple lenders, typically a bank and a Non-Banking Financial Company (NBFC), partner to provide loans to borrowers. This helps increase lending capacity and reduces risk for individual lenders. Each lender sets their own terms and conditions. This model leverages the strengths of both types of financial institutions to extend credit, especially to underserved markets.

time-read
10+ mins  |
March 2025
Legal News
BANKING FINANCE

Legal News

In the recent Supreme Court's judgment in the CORE (Central Organisation for Railway Electrification) vs ECI-SPICSMOMCML case on the appointment of arbitrators, the intended result and reactions have been contrasting.

time-read
2 mins  |
March 2025
ICICI Bank installs units to produce water from atmospheric moisture
BANKING FINANCE

ICICI Bank installs units to produce water from atmospheric moisture

ICICI Bank has announced the adoption of state-of-the-art technology to produce drinking water from atmospheric moisture as part of its commitment to enhancing the sustainability of its operations.

time-read
1 min  |
March 2025

We use cookies to provide and improve our services. By using our site, you consent to cookies. Learn more