PIB fact check: The government’s Press Information Bureau (PIB) has warned unsuspecting customers to be aware of an ‘SBI Rewards’ scam being used by fraudsters. In a post on social media platform
PIB warns against scams
PIB in the statement warned users on
“PIB Fact Check: SBI NEVER sends links or APK files via SMS / WhatsApp. Never download unknown files or click on such links,” the report said.
RBI to introduce real-time AI-driven systems to check cyber fraud
Meanwhile, the Reserve Bank of India (RBI) is also working on an artificial intelligence (AI) solution to alert individuals about financial fraud in real-time, two sources told Mint.
Under the plan, individual banks will use a central bank data repository that will host information on different types of fraud and their perpetrators, and an AI-based alert system will flag suspicious transactions when they are about to be executed.
To be sure, the Reserve Bank of India Innovation Hub (RBIH), a subsidiary of RBI, has already developed MuleHunter AI, an artificial intelligence and machine learning (AI/ML) model to help banks and financial institutions detect so-called mule accounts being used by fraudsters. The new system, on the other hand, will alert users and secure digital transactions.
Online fraud is increasing
In a report, the government noted that cyber fraud cases are increasing in India and people are “losing lakhs” due to “sophisticated” fraudulent schemes.
Indians lost approx ₹According to government data, there was Rs 120.3 crore worth of ‘digital arrest’ fraud in the first quarter of this year.
It noted that the Department of Telecommunications (DoT) launched its “International Incoming Spoofed Calls Prevention System” last month. The two-phase system will detect and block international spam calls that falsely display Indian numbers, targeting a “key element” of some scams.