State-run Punjab National Bank (PNB) has cautioned its customers about AI-enabled cyberattacks, particularly focusing on AI voice cloning, deepfakes, and phishing, as incidents of fraud continue to surge. The bank has advised customers to remain vigilant, especially as October is recognized as National Cyber Security Awareness Month each year.
Rising Threats
PNB highlighted that fraudsters are employing increasingly sophisticated methods to make their attempts more convincing. Ashok Chandra, PNB's MD and CEO, stated:
“"Many cyber frauds today exploit human behaviour, particularly trust, fear, urgency, and everyday digital habits. Fraudsters may imitate the voice or appearance of your family members, friends, or trusted persons and create a false emergency to seek an urgent transfer of money."
Fraudulent emails, SMS, or messages may appear highly personalized and resemble genuine bank communications, making them harder to identify. Chandra emphasized that these tactics create panic, prompting customers to act without verification.
Bank Responses
In light of the rising incidents of cybercrimes across the country, both public and private sector banks are ramping up their IT and cybersecurity investments. This is in response to evolving threats from advanced artificial intelligence, quantum computing risks, and strict regulatory mandates from the Reserve Bank of India.
