AI FRAUD DETECTION
AvenuesAI Q2 revenue jumps 47% as AI-first fintech transformation gathers momentum
AvenuesAI reported a steady set of second-quarter FY27 numbers, with the company continuing to build momentum behind its broader transformation from a payments gateway-led business into an AI-first financial technology infrastructure platform.
Central cyber security agency warns banks, NBFCs of AI attacks; I4C reveals how hackers are executing multi-crore frauds
I4C has warned banks, NBFCs and fintech firms about AI-powered cyberattacks that enable hackers to execute fraudulent transactions at machine speed. The agency has flagged multi-crore unauthorised fund transfers, urged financial institutions to strengthen API security and directed them to report cyber incidents to CERT-In and RBI within six hours.
L&T Finance Pitch Point 2.0: Where an AI startup’s big idea meets enterprise scale
Pitch Point, L&T Finance’s contest for AI startups, is back for a second edition. Last year’s winners, Arrowhead AI and SpoofSense, talk about what they got out of it and what they would tell this year’s new applicants.
Kaspersky flags QR code payment scams as a key cyber risk for Indians travelling to Indonesia
As more Indian tourists move to Indonesia, Kaspersky's cybersecurity experts are sounding the alarm on rising online threats. They point out that travellers should be particularly careful about things like fake QR codes and phishing attacks, which are becoming more common. It's crucial for tourists to stay vigilant to protect themselves from these digital dangers.
Innefu Labs’ AI platform uncovers suspected Rs 5,700 crore GST fraud network
According to Innefu Labs, Prophecy Eagle I identified several patterns, including the alleged reuse of the same facial identity across multiple business registrations in different geographical regions within a month.
Digital payments firms race to fortify defences as cyberattacks intensify
At Bengaluru-based Cashfree, attempted attacks have been taking place repeatedly over the past three weeks, occurring at least 10 times as frequently as a year ago, chief technology officer Ramkumar Venkatesan told ET. Attackers are increasingly combining multiple vulnerabilities to attack systems, he said.
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Banks report 10-50% gains in productivity, turnaround time and costs from AI-led initiatives
Several banks in India have implemented artificial intelligence initiatives that have increased productivity and efficiency significantly. Notably, Kotak Mahindra Bank has improved its handling of corporate servicing volumes by 20-30% with the same workforce. Axis Bank's AI solutions are enhancing customer experience and improving operational efficiency across its operations. HDFC Bank has reported a reduction in service delivery turnaround times by 30%, reflecting the impact of digitization.
Jio & let Jio, India’s crackling telco space
India's Reliance Jio and Bharti Airtel are now among the world's top telecom companies due to significant evolution. The integration of AI technologies is transforming telecom networks and helping to optimize operations effectively. This shift enhances the capacity for high-speed data transfer, which is essential for supporting AI applications. Telecom firms are addressing challenges such as siloed data and adapting to provide better services.
AI-powered cyberattacks siphon ₹300 crore from small NBFCs in two months
Recent cyberattacks have inflicted an estimated loss of ₹300 crore on Indian NBFC, with around 150 fraud cases reported. Focus has shifted towards identifying Chinese hacking platforms and AI toolkit involvement in these incidents. Exploiting operational weaknesses, these cybercriminals persistently launch their attacks, leading to urgent calls for NBFCs to bolster their cybersecurity frameworks to fend off further threats and safeguard their operations.
India is addressing Wall Street’s favourite ‘elephant’ in the room to its own advantage
The Indian government has identified 762 potential applications of artificial intelligence across 62 ministries and departments, spanning farming, railway safety, tax compliance, public grievances, customs and healthcare. While some tools are already in use, others remain in pilot or development stages.
Agentic AI can cut banks' transaction monitoring workload by up to 50%, improve compliance quality: McKinsey
Banks could reduce the human effort required for transaction monitoring investigations by 30-50% by deploying agentic artificial intelligence (AI), while improving the quality and consistency of compliance reports, according to a report by McKinsey.
Regional rural banks to set up cybersecurity centres, develop threat intel
Regional rural banks are set to improve their cyber security through the establishment of cyber security operations centres. They will also develop capabilities for vulnerability assessments and incident response as part of the reform agenda. The Financial Stability and Development Council plans to enhance cyber security measures following previous ransomware attacks. New initiatives will include implementing enterprise data warehouse solutions for better data management and reporting.
Delhi's draft IT policy targets 200 GCCs, tech districts, 100 pc online govt services
The Information Technology (IT) Department of the Union Territory government has prepared a draft IT policy for 2026-2031, which will come into force after necessary approvals.
Is India a “shadow transshipment” hub? The data says otherwise
Between 2014 and 2024, India’s goods exports to the US grew 1.86 times, while US exports to India grew 1.94 times. A rising two-way relationship, with India’s global exports also up 1.36-fold, is hard to square with a “mere pass-through” story tailored to one market.
Rhode Island sues Meta over alleged tolerance for scam advertising
The suit, filed by Rhode Island Attorney General Peter Neronha in Providence Superior Court, accuses Meta of unlawfully profiting from and participating in the creation of billions of dollars in scam advertising - even as it assured its billions of users that it was working diligently to protect them.
Modernising legacy systems: How traditional industries are rethinking business operations
Traditional industries are investing in AI to improve operational efficiency, forecasting and decision-making. Yet integrating AI into established systems presents a different challenge from launching a new digital product. The next phase of enterprise transformation will depend on connecting existing infrastructure, business data, and workforce capabilities to deliver measurable results.
AI agent startup RapidCanvas raises $29 million from Vertex Ventures, others
Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures participated, taking the startup’s total funding to $52.5 million.
India at defining moment, unique opportunity to shape exponential tech like AI: IBM India & South Asia MD
Indian enterprises stand at the threshold of transformation through AI and automation, with IBM emphasizing the crucial blend of real-time data and trust in these evolving systems. The ongoing collaboration with MeitY Startup Hub seeks to propel deep tech innovation among startups in India, fostering local technological excellence and offering access to vital mentorship and resources.
The auditor is no longer alone. There’s another intelligence in the room
Auditors are increasingly adopting artificial intelligence to enhance the efficiency and accuracy of audits in India. These technological advancements allow auditors to analyze vast amounts of data and detect inconsistencies effectively. AI tools automate repetitive audit tasks, which helps auditors focus on more complex decision-making processes. The role of human judgment remains essential, as AI cannot replace professional expertise in audits.
BLS International partners with Signzy to enhance fraud detection in visa processing services
BLS International has partnered with Signzy to improve its visa and consular services through advanced technology. This collaboration integrates Signzy’s capabilities for document verification and fraud detection. The technology aims to streamline verification processes and enhance accuracy in operations. BLS International emphasizes using technology to flag issues while leaving final decisions to governments. The partnership illustrates BLS's commitment to building a future-ready technology stack.
Karnataka govt partners with ElevenLabs to explore voice AI for citizen services
The partnership will focus on developing a voice AI safety framework, exploring applications for government services and using AI-powered voice restoration for eligible citizens, the state government said in a statement.
Your car knows where you go. Insurers, lenders and automakers want to know too
Connected cars continuously generate data regarding various attributes like location, driving patterns, and vehicle diagnostics. This data collection offers manufacturers and service providers insights to enhance their offerings. Diverse stakeholders can leverage this information, including insurers and fleet managers, to better assess risks and operational efficiencies. However, concerns about data privacy and user consent complicate the monetization landscape.
Cheating in hiring assessments takes an AI-turn
Cheating in recruitment assessments has dramatically increased, with 45% of tests flagged for integrity issues. AI-assisted methods have surged in use, transforming traditional cheating tactics into sophisticated techniques. Employers are now challenged to adapt their hiring processes to counteract these advanced cheating methods. Interview fraud is also rising, as candidates misrepresent their skills and identities. Continuous innovation in detection and verification is essential for maintaining recruitment integrity.
Vertex in funding talks with RapidCanvas, Supernova to sharpen AI focus: Sources
The investor is looking to sharpen its focus on AI after consumer investments in India, they said. Vertex is likely to invest around $20 million, along with existing investors, while a new investor may also come on board, the people added.
200 AI agents, humans on standby: Inside Ignosis AI’s debt-collection operation
The Ahmedabad-based startup says its agents manage collections for four to five lakh borrowers a month and handle 70-80% of cases without human intervention.
AI messaging scam costs Italy's top bank Intesa $108 million: Report
The scheme, first reported by Corriere della Sera, began in February when then-Fideuram Chairman Paolo Molesini received what appeared to be a WhatsApp message from Intesa Sanpaolo CEO Carlo Messina seeking urgent help with an overseas transaction.
Banks’ biggest risks may now sit inside their tech stack: RBI Deputy Governor Rohit Jain
RBI Deputy Governor Rohit Jain said technology is no longer merely an enabler for banks but is becoming their “risk architecture”, making technological resilience as important as financial resilience. He urged banks to treat technology risk as a first-order enterprise risk, with stronger governance, cybersecurity, third-party oversight and AI controls.
MDR gives banks more fuel for UPI play
Payment companies can build the customer interface, but a product cannot scale until issuing and acquiring banks connect their systems, test the transaction flow and install the required controls. Under zero MDR, this work generated costs without transaction-linked revenue for banks and often received lower priority, industry executives said.
PayU unveils AI-powered fraud liability protect
In a move to safeguard Indian merchants, PayU has launched its groundbreaking AI-driven Fraud Liability Protect solution. This offering is tailored to secure revenues against eligible chargebacks resulting from fraud and AI-related scams. By integrating AI-driven risk assessments with advanced authentication processes, the solution aspires to improve payment acceptance ratios in cross-border dealings, effectively defending merchants against intricate fraud while enhancing their conversion efficiency.
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