ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (2025)

Table of Contents
Cyber fraud: Supreme Court orders SBI to refund full money lost in an online scam to its customer AI agents will revolutionise SaaS and productivity: Microsoft CEO Satya Nadella Healthtech startup Consint AI raises Rs 5 crore Despite limited education, Delhi gang uses advanced tech to con citizens; loots lakhs before getting nabbed B2B infra, AI and DPI plans are brewing at 2025-ready fintech Small language models set to be the next big thing in AI #25 For 2025: How much further will AI disrupt lives? AI's spread in the financial system not without dangers Sriram Krishnan & anti-India hate; can’t spell iPhone without India Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report Fraudsters obtain 38 credit cards from HSBC Bank, withdraw Rs 1.26 crore Only you can protect your money from scamsters: 4 steps to avoid being scammed and detect scams RBI policy acts big on banking frauds: New AI tool MuleHunter.ai by RBI to help reduce digital frauds Mobikwik cuts IPO pricing; Paytm’s PayPay stake sale War on spam: Airtel's network flags 8 bn spam calls in 2.5 months; identifies 1 mn spammers daily Eye on cybersecurity, PSBs told to conduct hackathons annually Use MuleHunter.AI to check digital fraud: Govt to banks Finmin asks banks to use MuleHunterAI to check digital fraud RBI has found A(I) way of handling frauds and mule accounts AI-driven, deepfake-enabled cyberattacks to rise in 2025; healthcare, finance sectors at risk: report PM Modi expresses concern over threats emanating from digital frauds, cybercrimes, AI technology Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts Beware! High-tech thieves use AI to create deepfakes of Elon Musk, scam millions from Americans; here's how they do it Banking on tech: Lenders keep an eagle 'AI' on mule accounts Use AI to stop that 'do ka chaar' AI pushing boundaries of progress References

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ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (1)

Cyber fraud: Supreme Court orders SBI to refund full money lost in an online scam to its customer

State Bank of India (SBI): A person from Assam fell victim to a cyber fraud when he tried to return a Louis Philippe blazer. However, instead of helping this victim, SBI said the fraudulent transactions happened through Google Pay, a third party app not recommended by SBI. Read below to how to fight such cyber fraud cases.

ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (2)

AI agents will revolutionise SaaS and productivity: Microsoft CEO Satya Nadella

Microsoft's Satya Nadella predicts that AI agents will revolutionise SaaS by automating business processes, creating a tier of multi-agent orchestration. He sees 2025 as a pivotal year for large language models. Nandan Nilekani highlights India's strength in AI application development, emphasizing the need for cost-effective AI solutions for large-scale use.

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Healthtech startup Consint AI raises Rs 5 crore

Healthtech startup Consint.AI raised Rs 5 crore in funding from Equanimity Ventures and Seafund. The funds will be used to help scale operations, enhance fraud detection, optimize claims processing, and develop a generative AI Feature Suite for its Health AI Platform. The company will also expand its team, infrastructure, and R&D efforts.

ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (4)

Despite limited education, Delhi gang uses advanced tech to con citizens; loots lakhs before getting nabbed

Delhi Police arrested a gang responsible for robbing senior citizens' savings by stealing phones at wedding functions, cracking PINs, and draining bank accounts via UPI. The gang not only committed thefts but also trained others in digital fraud techniques, highlighting the rise in sophisticated digital thefts targeting vulnerable individuals.

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B2B infra, AI and DPI plans are brewing at 2025-ready fintech

Heading into 2025, the fintech sector is expected to emphasise B2B infrastructure solutions, AI-driven compliance automation, and secured credit products. Despite a slowdown in consumer lending, venture investors are eyeing business lending and digital public infrastructure innovations, with AI increasing efficiency in compliance and fraud detection.

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Small language models set to be the next big thing in AI

Large language models (LLMs), SLMs can generate human-like language but are trained on smaller datasets with fewer parameters. They are said to be easier to train and use, consuming less computational power, more cost-effective and better suited for specific tasks. The year 2024 saw launches of a slew of lightweight models, from Microsoft’s Phi family of SLMs to Google’s Gemma and a smaller variant of Meta’s Llama model.

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    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (7)

    #25 For 2025: How much further will AI disrupt lives?

    Cyber threats will increase as AI makes scams more sophisticated. Deepfake tools and voice cloning will become harder to detect. Cybersecurity will be crucial for companies. Scammers will use advanced AI for convincing deepfakes. Audio deepfakes will rise. Expect more complex attacks. Adopting AI securely will be beneficial for businesses. Stay vigilant about security.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (8)

    AI's spread in the financial system not without dangers

    India's banking regulator highlighted emerging risks from AI adoption in the financial sector. Concerns include cyber risks, market speed, systemic opacity, and market concentration. The regulator has established a panel to develop a framework for responsible AI adoption. Regulatory bodies need to update their skills and frameworks to manage these evolving risks effectively.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (9)

    Sriram Krishnan & anti-India hate; can’t spell iPhone without India

    Sriram Krishnan, Trump’s AI advisor pick, faced far-right backlash over “stealing jobs.” This and more in today’s ETtech Top 5.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (10)

    Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report

    Bank frauds increased to 18,461 cases in the first half of the current fiscal, with involved amounts rising to Rs 21,367 crore, states RBI data. Private sector banks reported most cases, while public sector banks had the highest amounts involved. Digital frauds involving internet and card transactions rose, stressing the need for stronger monitoring and law enforcement coordination.

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    Fraudsters obtain 38 credit cards from HSBC Bank, withdraw Rs 1.26 crore

    HSBC Bank lost Rs 1.26 crore in an alleged credit card fraud. The bank filed a police complaint. 38 credit cards were issued using fake documents. The cards were used to withdraw the entire amount. Online applications and forged IDs were used in the scam. Police are investigating the crime.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (12)

    Only you can protect your money from scamsters: 4 steps to avoid being scammed and detect scams

    Scamsters never die; they come back in new avatars. We can only control our own behaviour—our reactions and our responses. If a seller won’t give you the time to check, ask questions, take your time—smell the rat right there. Do not invest with desperate borrowers.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (13)

    RBI policy acts big on banking frauds: New AI tool MuleHunter.ai by RBI to help reduce digital frauds

    Reserve Bank of India: The RBI innovation hub in Bengaluru has developed a new artificial intelligence based system to reduce digital frauds using money mule accounts. ​"In India, mule accounts are being opened by legitimate Indian nationals who are selling off the use of the accounts (the "Accomplice" persona). This makes the account harder to detect at onboarding," said BioCatch in an report.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (14)

    Mobikwik cuts IPO pricing; Paytm’s PayPay stake sale

    MobiKwik has fixed the price band of its upcoming initial public offering. This and more in today’s ETtech Top 5.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (15)

    War on spam: Airtel's network flags 8 bn spam calls in 2.5 months; identifies 1 mn spammers daily

    Bharti Airtel's AI-powered network flagged 8 billion spam calls and 0.8 billion spam SMSes in 2.5 months. Delhi led in received and originated spam calls, while Gujarat topped SMS spam origination. The AI identified nearly 1 million spammers daily, with 35% using landlines. Spam calls peak between noon and 3 pm, decreasing 40% on Sundays.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (16)

    Eye on cybersecurity, PSBs told to conduct hackathons annually

    The Indian finance ministry has directed public sector banks to organize annual hackathons with academic institutions like IITs to bolster cybersecurity and fintech innovation. These hackathons will focus on critical areas such as fraud detection and user authentication. This initiative complements ongoing efforts by individual banks and the RBI to combat financial fraud, particularly involving mule accounts.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (17)

    In a significant move to address the growing menace of digital financial frauds, the Department of Financial Services (DFS) has directed banks to adopt advanced technologies, including artificial intelligence (AI) and machine learning (ML), to safeguard customers from fraudsters.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (18)

    Use MuleHunter.AI to check digital fraud: Govt to banks

    The government urged banks to enhance their fight against mule accounts used in financial fraud. Banks were advised to implement AI/ML solutions, including the RBI-developed MuleHunter.AI, train staff, and raise public awareness. Collaboration between banks and regulators was emphasized to curb digital fraud.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (19)

    Finmin asks banks to use MuleHunterAI to check digital fraud

    The Finance Ministry and RBI are urging banks to adopt AI tools, including the RBI-developed MuleHunterAI, to combat rising financial fraud. Mule accounts, often used by criminals to launder money, are being targeted through these advanced technologies and inter-bank collaboration. This initiative aims to protect citizens' funds and deter fraudsters.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (20)

    RBI has found A(I) way of handling frauds and mule accounts

    RBI Governor Shaktikanta Das announced a new initiative to combat financial fraud. The central bank is piloting an AI model, MuleHunter, to detect mule accounts. This model helps identify accounts used by fraudsters. RBI encourages banks to collaborate on this initiative. The bank also conducts a hackathon on “Zero Financial Frauds”.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (21)

    AI-driven, deepfake-enabled cyberattacks to rise in 2025; healthcare, finance sectors at risk: report

    Cybercriminals will employ AI-driven methods to execute intricate attacks, taking advantage of compromised development resources and hardware manufacturing processes to insert malicious code through corrupted libraries and embedded hardware, the report by Data Security Council of India said.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (22)

    Happy Monday! Banks intensify checks to tackle rising employee-linked fraud and financial scams. This and more in today’s ETtech Morning Dispatch.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (23)

    PM Modi expresses concern over threats emanating from digital frauds, cybercrimes, AI technology

    Prime Minister Narendra Modi addressed the 59th All India Conference of DGs/IGs of Police, stressing the need to tackle digital frauds, cybercrimes, and AI threats. He emphasized using AI and technology to reduce police workload and enhance urban policing, while advocating strategic, meticulous, adaptable, reliable, and transparent (SMART) policing.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (24)

    Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts

    The Reserve Bank Innovation Hub is collaborating with banks to use its Mulehunter.AI tool to detect financial fraud through mule accounts. This AI-powered tool has already shown better accuracy and efficiency than manual methods. The initiative aims to enhance technology in the banking sector and prevent cyber fraud, aligning with the government's emphasis on digital literacy.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (25)

    Zerodha CEO Nithin Kamath warns about the rise of financial scams in India, highlighting Rs 11,000 crore worth of frauds in the past nine months. He cautions against potential AI-driven scams and advises users to change privacy settings on WhatsApp and Telegram to avoid being added to fraudulent groups.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (26)

    Beware! High-tech thieves use AI to create deepfakes of Elon Musk, scam millions from Americans; here's how they do it

    In a recent development it has been known that several high tech thieves are nowadays using AI to create several kinds of deepfakes of Elon Musk while eventually scamming millions of US citizens.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (27)

    Banking on tech: Lenders keep an eagle 'AI' on mule accounts

    Previously banks would rely on complaints raised by customers to check fraudulent activities, but now they are trying to set up parameters which can detect mule accounts even before they get used for large value transactions

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (28)

    Use AI to stop that 'do ka chaar'

    BookMyShow's handling of Coldplay concert tickets in India has come under scrutiny amid allegations of scalping. The incident highlights the urgent need for robust ticketing systems, as sophisticated bots and technologies are being used by scalpers to exploit major events globally.

    ai in banking fraud detection: Latest News & Videos, Photos about ai in banking fraud detection | The Economic Times - Page 1 (29)

    AI pushing boundaries of progress

    In healthcare, AI is accelerating drug discovery, enhancing medical imaging for disease detection, and enabling personalised treatment plans. "By providing high-performance data access and insights, our company DDN is helping healthcare providers analyse vast data sets in real-time leading to better patient outcomes and more efficient operations," said Paul Bloch, president and cofounder of DDN, one of the world's leading data intelligence platforms for AI.

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