Suryaa Business Desk: The central government has expressed concern over cyber crimes targeting banking and financial institutions in India. The Indian Cyber Crime Coordination Centre (I4C) has warned that attacks are being carried out using artificial intelligence-based agents, which pose a risk of compromising company systems rapidly.
An advisory has been issued to banks, non-banking financial companies (NBFCs), fintech firms, and payment aggregators. This alert follows recent warnings issued by the Reserve Bank of India.
According to the I4C report, criminals are using modern technology to conduct financially motivated attacks. AI agents are exploiting vulnerabilities in company software, outdated systems, and application programming interface (API) flaws at machine speed. These attacks are characterized by the ability to enter systems and target fund transfer mechanisms in seconds without human intervention. Digital lending and online payment gateways are identified as being at higher risk.
The central agency has advised financial institutions to implement strict security measures to counter these threats. It has requested that firms adhere to guidelines issued by the government’s cybersecurity division and impose limits on daily transactions. Experts suggest that verifying beneficiary details and continuously monitoring transaction speeds and suspicious activities can help prevent large-scale fraud. These developments indicate that cybercriminals are misusing advanced AI tools, necessitating that banks and financial institutions strengthen their cybersecurity protocols to protect the digital transaction system.