Page 47 - Banking Finance December 2024
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respond to potential AI and deep fake fraud, such as Legislation: Governments should consider enacting
verifying the source, content and using trusted and legislation to address the specific challenges created by
reliable channels and platforms. deepfake technology in the context of financial fraud.
Stay informed about deepfake technology and common
scam tactics. Be cautious of unsolicited requests, Conclusion:
especially those involving urgent financial transactions Deepfake technology presents a significant and evolving
or confidential information. threat to the banking sector. While it offers potential
Be extra cautious about what you share on social media benefits in areas like customer service and personalization,
and other online platforms and set your profiles to its malicious applications pose serious risks. The growing
friends and family only, as scammers can use publicly frauds using Deepfake undermine customers trust in
available information against you convincingly. financial institutions and disrupt the integrity of financial
systems.
Verify Communication: Independently verify the
authenticity of any communication that appears To mitigate these risks, Banks & FIs needs to invest in robust
suspicious. Contact the bank or individual through official security measures, including advanced detection
channels only to confirm the request.
technologies and employee training to identify deepfake
Strong Passwords and MFA: Use strong, unique content. Collaboration with regulators and industry partners
passwords for your online banking accounts and enable to establish effective countermeasures is essential.
MFA whenever possible. Additionally, educating customers about the dangers of
Report Suspicious Activity: Immediately report suspicious deepfakes and promoting vigilance against fraudulent
activity or communication to the respective banks/FIs. activities can help protect individuals and institutions.
in case of any cyber fraud, Contact and report the Cyber
Police on helpdesk no. 1930. The battle against deepfakes is an ongoing one, as the
technology continues to advance rapidly. Banks must remain
vigilant and adaptable, continuously updating their security
Additional Considerations: protocols and leveraging the latest innovations in detection
Collaboration: Financial institutions should collaborate and prevention. By taking proactive measures and fostering
with technology providers, law enforcement agencies, a culture of training & awareness, the banking sector can
and other industry stakeholders to share information navigate the challenges posed by deepfakes and safeguard
and best practices in combating deepfake fraud. the trust and stability of financial systems.
RBI Governor: Stable inflation bedrock for sustained growth
A stable inflation is a cornerstone for sustained economic growth, which can improve the purchasing power and
provide a stable environment for investments, Reserve Bank of India's (RBI) Governor Shaktikanta Das said. "A stable
inflation or price stability is in the best interest of the people and the economy. It acts as a bedrock for sustained
growth, enhances the purchasing power of the people and provides a stable environment for investment," Das said
in his address at the High-Level Policy Conference of Central Banks from the Global South.
He, however, said that the resilient growth in India has given the RBI the space to focus on inflation to ensure its
durable descent to the 4 per cent target. The government has given the RBI the target to maintain inflation in the
2-6 per cent band. The RBI has been focussing on maintaining CPI print at 4 per cent on a durable basis.
The Consumer Price Index (CPI) accelerated to a 14-month high of 6.21 per cent in October, compared to 5.5 per
cent in September. The recent "State of the Economy" article published in the November bulletin of the RBI also said
that there was a need to bring inflation down in order to help India meet its potential. "All that is needed is get
inflation down so that India reconnects with its potential," the article said. The Governor stated that price stability
is just as crucial as growth to enable economic agents to plan ahead, reduce uncertainty and inflation-risk premi-
ums, and encourage savings and investment. These all will provide a boost to the potential growth rate of an economy.
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