Apr 27, 05:33 AM

AI-Powered Scams Including Address Poisoning and Deepfake Attacks Rise as India’s Fintech Sector Grows to $2.1 Trillion

The rise of artificial intelligence (AI) has led to increasing use of AI-powered scams and cyberattacks across various sectors, particularly in cryptocurrency and financial technology. Scammers are employing techniques such as address poisoning, deepfakes, and stolen devices to trick users into sending funds to fraudulent addresses or bypass facial recognition security to access crypto accounts. These AI-driven threats have been noted in India, where data breaches involving CoWIN and fake Unified Payments Interface apps have emerged as examples of dual-use technology risks. Experts emphasize the importance of using hardware wallets, fresh addresses, and trusted contacts to mitigate these risks. In response, India is advancing regulatory frameworks like the Digital Personal Data Protection Act, 2023, and promoting AI-based consent managers to automate compliance and support ethical AI governance. The country’s fintech sector is projected to grow from US$ 689 billion in 2023 to US$ 2.1 trillion by 2030, underscoring the need for regulatory sandboxes to balance innovation, financial inclusion, and risk mitigation. Additionally, sovereign data strategies are being developed to reconcile privacy protection with access to high-quality datasets essential for training large language models. Authorities and industry voices warn that AI is increasingly being exploited to scam government funds and launch identity theft schemes, highlighting the evolving nature of cybercrime in the AI era.

#India #CoWIN #Unified Payments Interface

Written with ChatGPT (GPT-4).

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