DigiFraud & Safety Summit Live: While the Internet has revolutionised the way we look at our lives, it has also brought concerns to be dealt with. Data provided by Statista, a data and business intelligence portal, has shown that global figures for e-commerce-oriented payment frauds were $41 billion in 2022, which is expected to reach $48 billion in 2023. From what it’s understood, implementation of the Digital Personal Data Protection Bill (DPDPB), 2023, has been held as a crucial move in ensuring protection of personal data and their utilisation for legitimate needs. With this initiative, we bring to you the DigiFraud and Safety Summit, that aims to delve deeper into concerns related to digital frauds and the need for online platforms in this context.
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With this session, we have come to the end of our summit! Thank you everybody for being a part of it!
Nappinai believes that there are loopholes in DPDP Act. She further said that with the collaboration of AI’s early detection and evolving laws, we will be able to come up with specific preventive measures for online fraud, when it comes to women and children safety.
“With technological advancement, quantum AI can overtake deepfake if proper regulations are not taken. This can result in worse scenario when compared to present situation,” Goel explained
“Social Media promotes cyber bullying and cyber staking and deepfake has the ability to add on to this,” Goel added.
Nappinai stated that awareness is an important aspect of preventive measure
Goel explained that social media promotes viral and instant messages negatively. It also spreads insensitive content, not keeping the social context in mind. Generative AI can has the ability to remove this
Next up, we have a fireside chat session on the topic “Keeping the user safe (Women and Children)”. It’ll have the presence of Shaki Goel, Chief Architect and Data Scientist, Yatra Online, and N.S. Nappinai, Supreme Court Advocate and founder, Cyber Saathi. The session will be hosted by Ritarshi Banerjee, Correspondent, FinancialExpress.com.
Agarwal added that before downloading any app, user needs to be sure of its needs
“Artificial Intelligence (AI) along with Machine Learning (ML) can help in detecting frauds,” Malhotra said
Kumar spoke on the theme of identifying the value of digital fraud. He said that verification needs to be added as a third-layer security in digital payments
According to Agarwal, Biometrics and face recognition is yet to be used to its full potential in the digital payments
Malhotra believes that UPI is at a nascent stage
“UPI has Lion’s share when it comes to experiencing frauds, amounting approximately 60-62%,” Malhotra added
“Keep your lock and keys to avoid call-centre fraud,” Kumar said
“Security will always be in a changing mode,” Agarwal added.
According to Malhotra, there can’t be a ‘no-fraud’ society
“Laws and policies are not clear but gradually the policies will come,” Bhagat said
Next up, we have a panel discussion on the topic “Financial Fraud and its Impact”. It’ll have the presence of Anand Agarwal, Head of IT and Security, ACRE India, Abhishek Kumar, CTO, ICCS, Rayan Malhotra, Founder and CEO, NeoFinity, and Amit Bhagat, Global Head of Cybersecurity, Nokia. The session will be hosted by Roshun Povaiah, Editor, FE Digital.
Dubey opines that the very first thing we need to learn is the zero trust model in the digital space.
According to Dubey, hackers exploit two things: Intelligence and curiosity
“If the browser is not updated, there are chances that your sessions gets hijacked,” Dubey added.
“Session hijacking is a method where one can hack without the need of password,” Dubey explained
“We humans are the product of data that has been fed to our minds. Our data sources were limited 20 years ago as compared to today,” added Dubey
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“I believe that criminals are innovative. I also believe that criminals come up with new ways to commit crimes,” Dubey said.
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Next up we have a standalone session on the topic “Why prevention is better than cure” by Amit Kumar Dubey, cyber security evangelist, Tech Mahindra
Iyer spoke on the prospect of softwares that can conduct internal auditing on transactions
“R&D data is crucial. We measure who are vulnerable internally and because of IoT and other technologies, the volume of data has increased. We do not have a full-proof system. We started thinking of security as a very important factor in the last four years,” Iyer highlighted
“We have to look at the cyber protection from different perspectives and make sure that data is protected,” Tiwari said.
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“I think education is the need of the hour along with vigilance through passwords,” Deswal said.
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“The first part should be the decentralisation of data. In order to avoid any external access, it is important to have robust authentication systems, ensuring that the configurability is always on the server side,” highlighted Singh.
