Speaking at the session, Warrier said “there is a fair level of control” over online financial crimes — despite increased threats — due to the work being done by regulators, law-enforcement agencies and banks. She said online fraudsters have been continuously innovating in terms of the nature & sophistication of scams and engage users by luring them into fake rewards programmes (lottery wins & inheritances), UPI malpractices, pension and jobs frauds, apart from other malpractices such as ransomware. “From the standpoint of banks, cybersecurity is very high on the priority list.
For example, 15-16% of Federal Bank’s annual technology budget is devoted to cybersecurity and security-related measures. ” CERT-In’s Sarma said internet frauds are constantly evolving, and cases have been rising due to higher online engagement of users. “We need more awareness campaigns, especially on the front of vernacular languages. ” mFilterIt’s Relan said technologies, such as AI and machine learning, are being deployed to track frauds and prevent recurrence. “Out of advertisement budgets, about 12% to 14% of the spends are wasted in frauds… It needs a larger collaborative approach among ecosystem players like government, service providers and regulator, because both RBI and Trai would play an important role. ” EY’s Bellary said while security agencies and enterprises maintain a close vigil, consumers also have the responsibility of being alert against scamsters during online activities.