Could early threat detectors prevent financial fraud?
Financial fraud is a major and growing threat, therefore innovative solutions are needed in order to successfully protect individuals and organisations. As online banking, digital transactions, and fintech have become more widespread, fraudsters have found new ways to exploit their unsuspecting victims.
To address this growing problem, Google has launched a new initiative called DigiKavach, a state-of-the-art early threat detection and warning system that can identify and analyse emerging financial fraud patterns before they cause widespread harm.
At its ‘Google for India’ event, the organisation announced that the new system will leverage “a collective, proactive, responsible approach to quickly and effectively share learnings and insights with committed partners across the ecosystem.”
What will DigiKavach do?
The first step when dealing with financial fraud is understanding scammers' strategies. DigiKavach's dedicated teams are working tirelessly to unravel fraudsters' complex web of deception. Through cutting-edge technology to detect emerging threats, DigiKavach has a comprehensive understanding of fraud patterns.
DigiKavach also emphasises the importance of collective efforts, partnering with organisations like the Fintech Association for Consumer Empowerment (FACE) to enhance fraud detection and protect individuals from predatory loan apps.
Google's intervention comes at a time when there is a rising trend of cyber crime targeting mobile internet users increasing in India. The country has over 750 million internet users, with the internet providing numerous advantages, such as improved governance, information access, and digital payments.
However, the issue of cyber crime continues and causes a great deal of harm to its victims. As time and technology have both progressed, scammers and fraudsters have also evolved to carry out more advanced attacks. Researchers at CloudSEK, an AI-based cybersecurity company, have seen that cyber criminals are increasingly blending vishing (voice phishing) techniques with OTP grabber services to intensify their malicious actions.
What is Google’s role?
Google plays a critical role in protecting the financial ecosystem. For example, there is Gmail's Phishing Protection, which scans all messages to protect users against malware, whether or not attachment security settings are turned on, as deceptive emails are a common starting point for numerous financial fraud attempts.
Google's email service, Gmail, which automatically blocks more than 99.9% of spam, phishing, and malware, ensuring the security of over 1.5 billion inboxes worldwide. This robust level of protection greatly reduces the risk of individuals becoming targets of phishing scams.
Through Google's DigiKavach initiative, the company signifies a major step forward in strengthening the digital financial landscape. By utilising a combination of technology and cooperation to counteract emerging threats of financial fraud, it aims to establish a safer and more protected digital environment for both individuals and organisations in this modern day and age.
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