State-run Punjab National Bank (PNB) has cautioned its customers about AI-enabled cyberattacks, especially AI voice cloning, deepfakes, and phishing, amid surging incidents of fraud, and has advised them to remain vigilant.
Highlighting that October is observed as National Cyber Security Awareness Month every year, the bank informed customers that fraudsters are using increasingly sophisticated methods to make their attempts more convincing. “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,” PNB MD and CEO Ashok Chandra said in his message to customers.
Similarly, fraudulent emails, SMS or messages may appear highly personalised and like genuine bank communications, making them more difficult to identify, he said, adding that they create panic and make customers act without verification. In view of rising incidents of cybercrimes across the country, the domestic public and private sector banks are actively ramping up IT and cybersecurity investments to combat evolving threats from advanced artificial intelligence, quantum computing risks, and strict regulatory mandates from the Reserve Bank of India.
Pointing out that all these scams run on the fuel called urgency, 63SATS Cybertech Joint MD & Joint CEO Srinivas L said, “A cloned voice of a son saying he has been arrested. A video of a police officer threatening a digital arrest. A message saying the bank account will be blocked in an hour. The technology has changed, but the playbook has not. It makes people panic, which pressurises them to pay.”
So, the counter is simple, Srinivas said, adding there is an urgent need to pause, verify on a channel one chooses, hang up, and call the person back on the number saved in the phone.
Agree on a family code word that only your household knows, because AI can copy a voice, but it cannot copy a secret, he added.
Srinivas further said that maintaining digital hygiene is the need of the hour for people around the globe to save themselves from emerging cyber frauds.
“People should turn on two-factor authentication for email, banking and social media, and use a different password for each. They must set a daily limit on UPI and card transactions so a single mistake cannot empty their accounts,’1 he added.
Reaffirming its commitment to safeguarding the hard-earned money and personal information of customers, PNB’s Chandra said awareness and vigilance remain the strongest partners in preventing cyber frauds.