“Cryptocurrency and AI use in cybercrime increases detection difficulty,” according to NPCI.
Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India (NPCI), claimed on Thursday that cybercriminals have taken approximately ₹1,750 crore in the first four months of 2024, pointing to the “alarming situation” of financial crimes in India. There are several difficulties since fraud is becoming more sophisticated and frequently uses cryptocurrencies and artificial intelligence. Criminals have quickly adjusted to new defenses, using technologies such as human-operated ransomware assaults and deepfake fraud to carry out intricate frauds at low cost. Adding layers of difficulties to the process of tracking down illicit assets is the involvement of money mules, as Choudhary noted in a special keynote talk at the Global Fintech Fest 2024.
He made the point that in 2023, over $3 trillion in illicit payments passed through the global financial system, supporting crimes including terrorism, human trafficking, and drug trafficking. “Public awareness campaigns and the real-time fraud risk monitoring and management (FRM) solution, two of NPCI’s key projects, are essential to preserving the financial ecosystem. Banks are being made aware of the results of these models while the NPCI conducts a pilot program on the identification of mule accounts using payment system data, he said. Worldwide, NPCI is growing, according to Choudhary. A fully owned subsidiary of NPCI, NPCI International Payments Limited, is actively expanding the UPI and RuPay card arrangements and its connections with India to a number of other countries and entities, such as the UAE, Qatar, entities in France, Bhutan, and Peru.
He claimed that the opening of the UPI PayNow connection between Singapore and India demonstrated the possibilities for international fintech cooperation. Millions of workers, students, and businesses will benefit from this effort, which makes it possible for real-time, low-cost remittances between the two countries. India is well-positioned to facilitate the establishment of a global digital payment network as additional countries attempt to emulate this model, the official continued. Choudhary projects that during the next five years, the fintech industry in India would develop at a compound annual growth rate (CAGR) of 31%, from $110 billion to $420 billion. “In addition, with over 9,000 fintech startups, our country ranks third in the world… Over thirty financial unicorns currently reside in India, including this number, which is expected to grow to 100 by 2030,” he said.
Also read: DORA (Digital Operational Resilience Act) Batch 2 Changes and Expectations from BFSI sector
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
