Artificial intelligence is rapidly changing the way scams are carried out, with deepfake audio and video now being used to impersonate trusted individuals and trick victims into approving financial transactions. Experts warn that this threat is growing at an alarming pace.
Deepfakes are created using AI algorithms such as generative adversarial networks, which can produce highly realistic images, videos, and voices. In India, cybercriminals are exploiting this technology to mimic family members in distress, pressuring people into sending money, or to create fake videos of company executives and bankers endorsing fraudulent investment schemes. This trend has fuelled a surge in financial deception.
A recent report reveals that deepfake-related fraud cases in Indian banks have risen by 550 percent since 2019, with potential losses estimated to reach INR 70,000 crore by 2024. These attacks are now the third-largest AI-driven cyber threat, following phishing and malware creation.
Audio deepfakes have become a major tool for social engineering, with attackers cloning voices to make their scams more believable. A global survey in 2023 found that more than 75 percent of Indians had come across deepfake content in the past year, while 38 percent reported being directly targeted by deepfake-enabled fraud.
The scams rely on exploiting trust, whether it is the voice of a loved one urgently asking for help or a respected leader seemingly endorsing a fake product. The emotional impact of such tactics makes them especially convincing and dangerous.
To counter the threat, Indian developers have created solutions such as Vastav AI, a detection tool that claims 99 percent accuracy in identifying synthetic media through heatmaps, metadata analysis, and confidence scores. Law enforcement agencies and media outlets are beginning to use such systems for real-time verification.
Cybersecurity experts and regulators are calling for a multi-layered defence that includes stronger KYC processes, AI detection integration in banking systems, and nationwide awareness campaigns. Increasing digital literacy and industry-wide vigilance are considered essential to protecting people from deepfake-enabled financial scams.
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