Consumer awareness is the first step to preventing cyber frauds – that’s the big takeaway from HDFC Bank’s Cyber Security Summit organized in collaboration with TOI in New Delhi. Greed, fear and emotional vulnerability are some of the biggest factors that fraudsters thrive on, and consumers must be constantly vigilant, even as banks, government and regulatory institutions work to prevent cyber crimes.

Spreading consumer awareness is hence paramount and a constant effort is needed to sensitize the public on emerging trends and patterns in cyber frauds. Yet another theme that emerged was the increasing use of artificial intelligence and quantum computing to better under the evolving threats and prevent financial frauds at an institution level.

In today’s increasingly digital landscape, cybersecurity has emerged as a big concern. Scamsters exploit technical vulnerabilities and insufficient user knowledge to perpetrate various crimes, including data breaches, monetary fraud and identity theft. It is vital to educate and equip users with proper knowledge to stay alert against cyber threats.

To address these concerns, HDFC Bank and TOI organized the Cyber Security Summit on November 14, 2024, in New Delhi. The gathering saw specialists, government representatives and business leaders provide valuable guidance and perspectives on maintaining online safety.

The opening address was delivered by Jimmy Tata, the Chief Credit Officer of HDFC Bank, who emphasized the importance of customer vigilance, stating that digital progress should remain unhampered by cyber security challenges despite the rising threats.

Jimmy Tata observed that whilst India has experienced unprecedented growth in digital transactions, creating numerous opportunities, the same technological advancements have unfortunately been exploited by fraudsters.

The full day event saw the participation and presentations from various eminent individuals from the government and major banks. An HDFC Bank Cyber Security Initiatives booklet was also launched.

The first panel discussion with several panelists from various government entities was focused on the ‘Prevention Framework & Solutions to Mule Account – Regulatory Perspective’. The panelists discussed the various steps that are being taken to check mule accounts and role of technology, AI and quantum computing in helping tackle this menace better.

A fun fireside chat between Atul Khatri and Vigil Aunty saw the latter emphasizing the role that the HDFC Bank’s social media influencer is playing in spreading crucial awareness about the emerging cyber frauds.

The second panel discussion on ‘Collaboration for Cyber Security – Role of banks/ emerging technologies & dealing with false positives’ dealt with the pressing need for banks and non-banking entities and the government to come together to share real-time data for effective tackling of cyber frauds, while at the same time ensuring that data privacy is not compromised.

The final panel discussion on ‘Emerging Trends in Money Mules and Solutions’ deliberated on both a need for innovative ways to predict fraud patterns and also on a robust recovery and redressal system so that consumers do not suffer financial losses.

In the last discussion of the evening, on ‘The Evolving Landscape of Digital Fraud: Emerging Threats and Trends’, Shuchi Mahajan, Senior Vice President II – Head Product & Channel: Digital Banking at HDFC Bank said that as fraudsters become more sophisticated in their attack methods, technology is also evolving and banks are actively working with law enforcement agencies on prevention of cyber crimes.