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Why 1 in 2 Indians reject bank applications: FICO survey insights

Online Privacy and Data Security

Melbourne, Jul 24 (The Conversation): The internet, a vast and indispensable resource for modern society, has a darker side where malicious activities thrive. From identity theft to sophisticated <keyword id="20928831" type="General" weightage="20" keywordseo="malware-attacks" source="keywords">malware attacks</keyword>, <keyword id="20053150" type="General" weightage="20" keywordseo="cyber-criminals" source="keywords">cyber criminals</keyword> keep coming up with new scam methods. Widely available generative artificial intelligence (AI) tools have now added a new layer of complexity to the <keyword id="20080676" type="General" weightage="20" keywordseo="cyber-security" source="keywords">cyber security</keyword> landscape, through the rise of <keyword id="22423935" type="General" weightage="100" keywordseo="dark-AI" source="Orion">dark AI</keyword>. Staying on top of your online security is more important than ever. <cmsannotation type="cmsannotation" annotationid="The rise of dark LLMs" comment="subhead" text="The rise of dark LLMs">The rise of <keyword id="22527261" type="General" weightage="20" keywordseo="dark-LLMs" source="keywords">dark LLMs</keyword></cmsannotation> One of the most sinister adaptations of current AI is the creation of "dark LLMs" (large language models). These uncensored versions of everyday AI systems like ChatGPT are re-engineered for criminal activities. They operate without ethical constraints and with alarming precision and speed. Cyber criminals deploy dark LLMs to automate and enhance <keyword id="20592444" type="General" weightage="20" keywordseo="phishing-campaigns" source="keywords">phishing campaigns</keyword>, create sophisticated malware and generate scam content. To achieve this, they engage in LLM "jailbreaking" - using prompts to get the model to bypass its built-in safeguards and filters. For instance, <keyword id="20479124" type="General" weightage="20" keywordseo="FraudGPT" source="keywords">FraudGPT</keyword> writes malicious code, creates phishing pages and generates undetectable malware. It offers tools for orchestrating diverse cybercrimes, from credit card fraud to digital impersonation. FraudGPT is advertised on the dark web and the encrypted messaging app Telegram. Its creator openly markets its capabilities, emphasising the model's criminal focus. Another version, <keyword id="18039708" type="General" weightage="20" keywordseo="WormGPT" source="Orion">WormGPT</keyword>, produces persuasive phishing emails that can trick even vigilant users. Based on the GPT-J model, WormGPT is also used for creating malware and launching "business email compromise" attacks - targeted phishing of specific organisations. <cmsannotation type="cmsannotation" annotationid="What can we do to protect ourselves?" comment="subhead" text="What can we do to protect ourselves?">What can we do to protect ourselves?</cmsannotation> Despite the looming threats, there is a silver lining. As the challenges have advanced, so have the ways we can defend against them. AI-based threat detection tools can monitor malware and respond to cyber attacks more effectively. However, humans need to stay in the mix to keep an eye on how these tools respond, what actions they take, and whether there are vulnerabilities to fix. You may have heard keeping your software up to date is crucial for security. It might feel like a chore, but it really is a critical defence strategy. Updates patch up the vulnerabilities that cyber criminals try to exploit. Are your files and data regularly backed up? It's not just about preserving files in case of a system failure. Regular backups are a fundamental protection strategy. You can reclaim your digital life without caving to extortion if you are targeted by a ransomware attack - when criminals lock up your data and demand a ransom payment before they release it. Cyber criminals who send phishing messages can leave clues like poor grammar, generic greetings, suspicious email addresses, overly urgent requests or suspicious links. Developing an eye for these signs is as essential as locking your door at night. If you don't already use strong, unique passwords and multi-factor authentication, it's time to do so. This combination multiplies your security, making it dramatically more difficult for criminals to access your accounts. <cmsannotation type="cmsannotation" annotationid="What can we expect in the future?" comment="subhead" text="What can we expect in the future?">What can we expect in the future?</cmsannotation> Our online existence will continue to intertwine with emerging technologies like AI. We can expect more sophisticated cyber crime tools to emerge, too. Malicious AI will enhance phishing, create sophisticated malware and improve data mining for targeted attacks. AI-driven hacking tools will become widely available and customisable. In response, cyber security will have to adapt, too. We can expect automated threat hunting, quantum-resistant encryption, AI tools that help to preserve privacy, stricter regulations and international cooperation. <cmsannotation type="cmsannotation" annotationid="The role of government regulations" comment="subhead" text="The role of government regulations">The role of government regulations</cmsannotation> Stricter government regulations on AI are one way to counter these advanced threats. This would involve mandating the ethical development and deployment of AI technologies, ensuring they are equipped with robust security features and adhere to stringent standards. In addition to tighter regulations, we also need to improve how organisations respond to cyber incidents and what mechanisms there are for mandatory reporting and public disclosure. By requiring companies to promptly report cyber incidents, authorities can act swiftly. They can mobilise resources to address breaches before they escalate into major crises. This proactive approach can significantly mitigate the impact of cyber attacks, preserving both public trust and corporate integrity. Furthermore, cyber crime knows no borders. In the era of AI-powered cyber crime, international collaboration is essential. Effective global cooperation can streamline how authorities track and prosecute cyber criminals, creating a unified front against cyber threats. As AI-powered malware proliferates, we're at a critical junction in the global tech journey: we need to balance innovation (new AI tools, new features, more data) with security and privacy. Overall, it's best to be proactive about your own online security. That way you can stay one step ahead in the ever-evolving cyber battleground.

Rise of dark AI: Malicious LLMs like FraudGPT, WormGPT the new frontier of online threats! How can we stay safe?

The internet has revolutionised our lives, offering convenience and connectivity at our fingertips. With the rapid adoption of digital payments in India, fraudsters have evolved their tactics, devising new scams to exploit the growing user base. Several <keyword id="20182215" type="General" weightage="20" keywordseo="online-scams" source="keywords">online scams</keyword> have been reported in India over the past few months, from the standard UPI refund scams to unbelievable scams such as the digital arrest scams. Here's a look at some prevalent online scams and how to protect yourself: <h2><keyword id="23629952" type="General" weightage="20" keywordseo="UPI-refund-scam" source="keywords">UPI refund scam</keyword></h2>UPI refund scam is one of the most common online scams these days. It involves a person sending the victim money and then claiming that it was accidentally sent. The scammer then asks the victim to refund the money, often using excuses such as emergency hospitalisations or other important expenses. If the victim refunds the money, the scammer then contacts their bank and reverses the initial transaction, resulting in the victim losing money. How to protect yourself from UPI refund scams: <ul><li>Do not resend the money if someone claims they have “accidentally” sent you money.</li><li>If you receive money from an unknown source, contact your bank immediately.</li><li>If someone says they have sent you money, ask them to contact their bank to get a refund.</li></ul><h2><keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">Phishing scams</keyword></h2>Phishing scams have been around for a long time, but they have become more sophisticated in the digital age. Fraudsters often impersonate reputable companies, sending fake emails, messages, or even websites that look almost identical to the real ones. These messages typically contain a sense of urgency—such as a warning that your account is about to be blocked or that you've won a prize. Once you click on the link, you’re directed to a fake site that prompts you to enter your personal information, including login credentials and payment details. This data is then used to steal money or compromise your identity. How to protect yourself from phishing scams: <ul><li>Be sceptical of unexpected messages or emails, even if they seem to come from trusted sources.</li><li>Check the URLs of websites carefully. Scammers often use misspelt URLs that are designed to look legitimate.</li><li>Never share your personal or financial information without verifying the authenticity of the request.</li></ul><h2><keyword id="23629953" type="General" weightage="20" keywordseo="SIM-swap-scam" source="keywords">SIM Swap scam</keyword></h2>As the name suggests, a SIM swap scam basically involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network provider to activate a SIM card they possess, gaining control of the victim’s phone number. This allows the scammer to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s phone number, they use it to gain access to their bank account and steal money. How to protect yourself from SIM swap scam: <ul><li>If your SIM stops working, immediately inform the telecom operator.</li><li>Make use of a SIM lock, which prevents your SIM from being used on another smartphone without entering a password.</li><li>Avoid sharing personal information online, especially things which can make it easier to crack your passwords.</li><li>Keep track of your accounts and report any unauthorised transactions.</li></ul><h2><keyword id="20415709" type="General" weightage="20" keywordseo="online-shopping-scams" source="keywords">Online Shopping Scams</keyword></h2>Beware of fake online stores offering unbelievable deals. These websites might steal your payment information or deliver counterfeit or non-existent products. These websites often advertise unbelievable deals to lure in unsuspecting customers, either with the intention of stealing their data or selling substandard products. How to stay safe: <ul><li>Shop from reputable websites. Look for customer reviews and secure payment gateways.</li><li>Be cautious of prices that seem too good to be true.</li><li>Use a credit card for online purchases. It offers better fraud protection than a debit card.</li></ul><h2>The "Digital Arrest" scam</h2>In this chilling scam, fraudsters impersonate law enforcement officials. They may claim you're involved in illegal activities and threaten you with a "digital arrest" or legal action. To avoid this, they'll demand payment or personal information. Victims are often coerced into making payments via UPI or other digital means. The sense of urgency and fear of legal consequences often compels people to act without verifying the legitimacy of the claim. How to avoid: <ul><li>Know your rights: Law enforcement agencies will never demand payment or personal information over the phone or online. </li><li>Verify identities: If you receive such a call, hang up and directly contact the relevant authorities to verify the claim.</li></ul><h2><keyword id="23629954" type="General" weightage="20" keywordseo="KYC-scam" source="keywords">KYC scam</keyword></h2>With the increased demand for KYC (know your customer) updates across digital platforms, fraudsters are taking advantage by posing as bank or telecom representatives. They often claim that your account will be blocked if you don’t update your KYC details immediately. Victims are then asked to share their Aadhaar number, PAN, or other personal details via a fraudulent link or over a call. In some cases, they also ask users to complete the process through UPI apps, stealing money from their accounts during the process. How to avoid it: <ul><li>Banks and financial institutions never ask for personal details over a call, message, or link.</li><li>Always update KYC details through official channels, like the bank’s app or website.</li><li>If you receive a suspicious KYC request, report it to your bank’s customer service immediately.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

UPI refund to digital arrest scam, here are some online scams you need to be aware of

<ul class="summary-list"><li>Trading firm Susquehanna is dipping its toe into sports gambling.</li><li>The space has exploded in the US as dozens of states have legalized <keyword id="20103900" type="General" weightage="20" keywordseo="online-gambling" source="keywords">online gambling</keyword>.</li></ul>Quants and gambling have been intertwined from the start. Math professor and first-generation quant trader Ed Thorp first rose to fame because he laid out the blueprint for counting cards in blackjack in his 1962 book "Beat the Dealer." A typical night for the late founder of <keyword id="21613450" type="General" weightage="20" keywordseo="Renaissance-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Renaissance Technologies" meta.hostid="261" meta.entityid="Renaissance Technologies">Renaissance Technologies</keyword>, Jim Simons, when he was an undergrad at MIT included long-running poker games with his classmates. A <a target="_blank" href="https://www.scientificamerican.com/article/quants-book/">now-infamous poker charity tournament in 2006</a> had some of the biggest names in hedge funds competing, including Citadel's Ken Griffin, AQR's Cliff Asness, and PDT's Peter Muller, who came out on top. But they all knew the real money was in the markets, not poker pots. While some quant types have made their fortunes gambling — such as Bill Benter, <a href="https://www.bloomberg.com/news/features/2018-05-03/the-gambler-who-cracked-the-horse-racing-code" target="_blank">the man who "cracked" horse racing</a> — the most ambitious chased basis points, not parlays. Until now. Trading giant Susquehanna <a target="_blank" href="https://www.ft.com/content/88ba9e42-09c2-480a-8b21-43051707f84d">has built out a 15-person unit focused on </a>sports gambling in Dublin and plans to expand into the US. The number of "well-informed, deep-pocketed users" is growing on Novig, a <keyword id="22230743" type="General" weightage="100" keywordseo="sports-betting" source="keywords">sports betting</keyword> exchange, the startup's founder Kelechi Ukah told Business Insider. With sports gambling exploding in popularity in the US thanks to dozens of states allowing online betting, these traders —known to use copious amounts of data and sophisticated programs to trade securities in markets around the world — are diving in in search of serious profits in a nascent space. The increased presence of top-level quant firms is going to cut into the wins of the average gambler even more, said Jacek Dmochowski, a professor at the City College of New York who has studied the "optimal" way to gamble on sports. Sports gambling in the US is no longer a business done under the table with a shady bookie or on a Las Vegas bachelor party trip. Every night, millions are betting on college and professional games, some to the point of no return — <a target="_blank" href="https://www.nbcnews.com/business/consumer/online-sports-gambling-bankrupting-households-reducing-savings-rcna167235">a study from UCLA</a> found that states that legalized gambling have seen a 28% increase in bankruptcies compared to those that didn't. Through the second quarter of this year, online gambling site <keyword id="23047077" type="General" weightage="20" keywordseo="FanDuel" source="keywords" meta.keywordsubtype="org" meta.entityname="FanDuel" meta.hostid="261" meta.entityid="FanDuel">FanDuel</keyword> averaged 3.3 million bettors each month. Flutter Entertainment, the owner of Irish gambling company Paddy Power and US-based DraftKings, made more than $7 billion in revenue across its different units in the first half of the year. Executives at MGM spoke on their earnings call at the end of July about timing product releases for the start of football season. While the limits for many of these online platforms are relatively small compared to the trades the world's smartest quants are typically putting on, the space is growing rapidly. "Sportsbooks will have to basically alter their lines in response" to large wagers from <keyword id="23774657" type="General" weightage="20" keywordseo="trading-firms" source="keywords">trading firms</keyword>, Dmochowski said. "That's going to make it harder for the betting public to make a profit." <h2>Easy wins are already vanishing</h2>The trading firms that are slow to move have already missed out on low-hanging fruit. "It's a very similar dynamic to the electronicification of securities marketplaces in the 70s and 80s," said Ukah, the cofounder of Novig and a one-time Jane Street intern. Just as stock trading evolved from a phone call with a broker who would charge a commission to discount to online brokerages like eTrade to algorithmic trading shops, sports betting has gone from a personal relationship with a bookie to platforms like FanDuel. "The final stage is the algorithmic execution phase," he said. Already, the smartest Novig users are sanding away the easiest returns. Novig, which pulls in odds from different sportsbooks, has seen arbitrages between different sportsbooks' odds disappear after a few seconds now. Two years ago, it was several minutees, Ukah said. "Everyone is much tighter," Ukah said. Dmochowski predicts an "algorithm arms race" between traders and sportsbooks to find "the optimal price." There's demand from Novig users for the exchange to release software that would allow traders to program a bot to trade for them. Ukah said there's no timeline at the moment to release this, but said the portion of the gambling market growing the quickest is from institutions. "It's an uncorrelated, high-volatility asset class," Ukah said. In other words, exactly what trading shops are looking for. Correction: October 29, 2024 — An earlier version of this story misspelled the surname of a famed horse-racing gambler. It's Benter, not Bentley.

Sports betting is the next frontier for Wall Street's smartest quants to conquer 

Travelling across India is safer and easier for tourists, <keyword id="20130044" type="General" weightage="20" keywordseo="Indian-tourism" source="keywords">Indian tourism</keyword> industry leaders have said, promoting the country, especially <keyword id="19894922" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="keywords">Uttar Pradesh</keyword>, as a premier tourist destination for Singaporeans. Their remarks came as they participated in the <keyword id="23693812" type="General" weightage="20" keywordseo="ITB-Asia" source="keywords">ITB Asia</keyword>, a travel trade show held in Singapore From October 23 to October 25. "We need to educate <keyword id="21866171" type="General" weightage="20" keywordseo="global-travellers" source="keywords">global travellers</keyword> about the attractions in Uttar Pradesh and make UP known more and above the iconic <keyword id="20045918" type="General" weightage="20" keywordseo="Taj-Mahal" source="keywords">Taj Mahal</keyword> in Agra," said Rahul Wadhwa who leads CAL India Tours and Travel. He estimated a growth of 10 per cent across the UP travel agency business. Further, Wadhwa said his Agra-based travel business was seeking collaborations globally to tie up travel arrangements and promote the state as well as India as a tourist destination. There are a growing number of five-star hotels and continuing investments in highways that make travelling across India, including UP, as seamless as the tourists expect, said the <keyword id="20181038" type="General" weightage="20" keywordseo="travel-industry" source="keywords">travel industry</keyword> veteran of 33 years. Technology-wise, the travel industry has also done well, moving away from the telex-based phone-call booked communications to speedier online-offline as well as mobile phone app-led bookings and arrangements for globe trotters. Travelling across India is also safer and easier, added Sushil Kumar Singh, managing director of Jatak Travels, dismissing all notions and misunderstandings about <keyword id="20415307" type="General" weightage="20" keywordseo="safety-and-security" source="keywords">safety and security</keyword> in India. "We have <keyword id="23693813" type="General" weightage="20" keywordseo="tourist-friendly" source="keywords">tourist-friendly</keyword> people and highly rated facilities across the country and in UP," assured the head of the Varanasi-based travel group. The destinations and facilities in India are world-class. "We are no less than any other tourist destination," he stressed. "International tourists are visiting India freely," underscored Singh, who reported 200 per cent growth for his business post-Covid.

Indian tourism industry leaders spotlight Uttar Pradesh as safe and diverse travel destination

<ul><li><keyword id="19899640" type="General" weightage="100" keywordseo="AI" source="keywords">AI</keyword> will replace 50% of <keyword id="21771459" type="General" weightage="20" keywordseo="middle-management" source="keywords">middle management</keyword> roles in 20% of organisations by 2026.</li><li>By 2029, AI's influence is set to extend into the boardroom, with 10% of global boards predicted to use AI-generated insight.</li><li>This strategy aims to cut labour costs while boosting productivity.</li></ul>As artificial intelligence (AI) continues to evolve alongside human usage, it is reshaping organisational structures, decision-making processes, and even the boundaries of technology's impact on daily life, according to <keyword id="19955158" type="General" weightage="20" keywordseo="Gartner" source="keywords" meta.keywordsubtype="org" meta.entityname="Gartner" meta.hostid="261" meta.entityid="Gartner">Gartner</keyword>. By 2026, 20% of organisations will use AI to reduce more than half of their current middle management roles. "Through 2026, 20% of organisations will use AI to flatten their <keyword id="21339348" type="General" weightage="20" keywordseo="organisational-structure" source="keywords">organisational structure</keyword>, eliminating more than half of current middle management positions," said the report. This strategy aims to cut labor costs while boosting productivity, as AI takes over tasks like scheduling, reporting, and performance monitoring. However, the shift could disrupt traditional mentoring pathways and leave junior employees with fewer development opportunities. Concerns over <keyword id="19999151" type="General" weightage="20" keywordseo="job-security" source="keywords">job security</keyword> and increased management responsibilities for remaining staff may also pose significant challenges. By 2029, AI's influence is set to extend into the boardroom, with 10% of global boards predicted to use AI-generated insights to challenge executive decisions. This development will empower board members to rely on data-driven guidance, thereby reshaping leadership dynamics and reducing the influence of maverick executives. While AI insights may initially seem at odds with the traditional views of board members, their growing effectiveness will likely lead to broader acceptance. By 2028, <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> is expected to play a key role in corporate branding, with 30% of S&amp;P companies likely to use AI-specific labels, such as "xxGPT," to distinguish their products and create new revenue streams. As the GenAI landscape becomes more competitive, companies will need to adopt specialized models tailored to their industry to maintain a competitive edge. Security concerns surrounding AI agents will grow in the coming years, with Gartner predicting that 25% of enterprise breaches will be linked to AI agent abuse by 2028. As AI agents expand rapidly into more complex use cases, businesses will need to enhance their security measures to protect against both external threats and malicious internal actions. To address these security challenges, "Guardian Agents" will emerge as a solution. By 2028, 40% of Chief Information Officers (CIOs) are expected to demand autonomous agents that can track and oversee AI activities, ensuring compliance with security, ethics, and data management standards. Finally, the shift to microgrids is set to accelerate, with Fortune 500 companies expected to invest $500 billion by 2027 to mitigate chronic energy risks and support the growing energy demands of AI. Microgrids offer a more sustainable and cost-effective energy solution, enabling companies to reduce their reliance on traditional power grids and better manage day-to-day operations. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

By 2026, 20% of organisations will use AI to reduce 50% of middle management roles: Gartner

<keyword id="19897919" type="General" weightage="20" keywordseo="social-media" source="keywords">Social media</keyword> platforms like X (formerly Twitter) and Facebook have established safeguards to combat <keyword id="23571068" type="General" weightage="20" keywordseo="bot-accounts" source="keywords">bot accounts</keyword>, including policies and technical mechanisms. However, the effectiveness of these measures is increasingly being questioned as AI-driven bots evolve and find ways to bypass restrictions. <h2>AI bot evolution</h2>While <keyword id="21559036" type="General" weightage="100" keywordseo="AI-bots" source="keywords">AI bots</keyword> can serve legitimate purposes like marketing and customer service, some are designed to manipulate public discussions, incite hate speech, and spread <keyword id="19933162" type="General" weightage="20" keywordseo="misinformation" source="keywords">misinformation</keyword>. Research from the University of Notre Dame investigated the bot policies of platforms like LinkedIn, <keyword id="19932634" type="General" weightage="20" keywordseo="tiktok" source="keywords">TikTok</keyword>, and X, testing how well these platforms enforced their rules. The findings were troubling. "Despite what their policy says or the technical bot mechanisms they have, it was very easy to get a bot up and working on X. They aren't effectively enforcing their policies," said Paul Brenner, a Director at Notre Dame. Even interns, who had only a high school-level education and minimal training, were able to launch the test bots using technology that is readily available to the public, Brenner explained. Their bots were created using commonly-available AI tools such as <keyword id="19918823" type="General" weightage="20" keywordseo="OpenAI" source="keywords" meta.keywordsubtype="org" meta.entityname="OpenAI" meta.hostid="261" meta.entityid="OpenAI">OpenAI</keyword>'s GPT-4o and DALL-E 3, and the tests were run on LinkedIn, Mastodon, Reddit, TikTok, X, Facebook, Instagram and Threads. <div type="Article" hostid="261" msid="114283439" title="Security threats to AI models are giving rise to a new crop of startups" mstype="2" mssubtype="0"></div>As per the tests, none of these platforms had sufficient safeguards to keep the bots out. Researchers successfully published benign test posts from bots across all platforms, with X and Reddit posing minimal challenges. While <keyword id="19911549" type="General" weightage="20" keywordseo="meta" source="keywords">Meta</keyword> platforms proved somewhat more challenging due to stronger enforcement mechanisms, they ultimately could still be bypassed — even by relatively inexperienced folk. <h2>Why does it matter?</h2>In India — and the rest of the world, for that matter — the rise of AI-driven bots has significant implications for public discourse, particularly in the political arena. Research has indicated that a substantial portion of misinformation circulating during electoral periods can often be traced back to automated accounts. Many experts emphasise that the pervasive influence of these accounts can negatively shape public perception and discussion, and is often used to target certain sensitive groups and stoke communal tension. As platforms struggle to keep pace with the evolving tactics of malicious bots, the need for stronger regulations becomes increasingly evident. Considering that AI is evolving at a rapid pace that makes it supremely difficult to tell bots apart from real human accounts — even for the tech-savvy — Brenner argues for US legislation that mandates platforms to identify human versus bot accounts. Similar measures are needed in India, where the lack of accountability for social media platforms allows harmful bot activity to proliferate. <h2>What needs to be done?</h2>Addressing the bot problem requires a multitude of different solutions. For starters, enhanced technology, such as more sophisticated AI detection systems, could help platforms identify and mitigate bot activity more effectively. Recent advancements in machine learning are paving the way for tools that can better analyse user behavior and detect anomalies that indicate bot activity. <div type="Article" hostid="261" msid="114250696" title="AI labs are fragmenting because of ego clashes and commercial pressures. It&amp;#39;s about to drive a wave of new startups." mstype="2" mssubtype="0"></div>However, it is almost just as necessary to educate users about identifying bots and understanding online discourse. To platforms can implement user-friendly tools that highlight potentially automated accounts, empowering users to make more informed decisions about whom to engage with. Legislation could also play a pivotal role in shaping how social media platforms handle bot accounts. By requiring transparency about bot activity and holding companies accountable for enforcement, policymakers can create an environment where genuine discourse thrives and misinformation is curtailed. In India, the proposed <keyword id="19955205" type="General" weightage="20" keywordseo="Digital-India-Act" source="keywords">Digital India Act</keyword> could be an avenue for strengthening regulations around <keyword id="19979951" type="General" weightage="20" keywordseo="digital-platforms" source="keywords">digital platforms</keyword> and enhancing user safety. While platforms like X and Facebook have made strides in developing detection methods, the sophistication of AI-driven bots continues to outpace current safeguards. This situation requires urgent attention from both tech companies and policymakers to ensure a safer social media environment. The findings of this research has been published on a pre-print server and can be accessed <a href="https://arxiv.org/abs/2409.18931">here</a>.

Even high school interns were able to use common AI tools to bypass security and launch bots on X, Facebook and other social media: report

<ul class="summary-list"><li>EY has fired dozens of staff in the US over code of conduct breaches, the FT first reported.</li><li>The staff watched multiple online training courses simultaneously, the report said.</li></ul>The accounting and consultancy giant EY has fired dozens of US staff, accusing them of breaching internal ethics codes, <a target="_blank" class="" href="https://www.ft.com/content/dff2246e-e949-4cfb-833d-a8e38ba1e7da">the Financial Times reported.</a>The dismissals took place last week after an investigation found that the staff had watched multiple online training courses simultaneously during "EY Ignite Learning Week" in May, the FT reported.EY said in a statement shared with Business Insider that a number of employees had violated the company's global code of conduct."At EY, our core values of integrity and ethics are at the forefront of everything we do. Any violation of our Code of Conduct and/or US Learning Policy will not be tolerated," it said."Appropriate disciplinary action was recently taken in a small number of cases where individuals were found to be in violation of our global Code of Conduct and US Learning Policy."By watching the courses, the EY employees scored continuing professional education credits, of which they are required to achieve 40 in a year.The sessions included "How strong is your digital brand in the marketplace?" and "Conversing with AI, one prompt at a time," according to the FT.Several of the fired EY employees told the FT that they did not believe they were violating any internal policies by watching multiple courses at once. They said that there had been no warning that watching courses simultaneously was not allowed and that multitasking was part of EY's culture.According to the FT report, the firm has since changed internal guidance for EY Ignite events. An email about a two-day training event in August informed staff that they were "expected to complete this learning activity with integrity, including being present for all content and class interactions."The consulting giant has tightened internal procedures since the US Securities and Exchange Commission <a target="_blank" class="" href="https://www.businessinsider.com/ey-ethics-exam-cheating-record-100m-fine-big-four-2022-6">fined it $100 million for a series of breaches related to staff cheating on exams.</a>The SEC said hundreds of EY accounting staff shared answers to exam questions "over multiple years." EY was also accused of withholding evidence from the SEC while the matter was under investigation. The penalty was the largest ever imposed against an audit firm, <a target="_blank" class="" href="https://www.sec.gov/newsroom/press-releases/2022-114">the SEC</a> said.Similar reprimands have also been issued to other Big Four firms. Earlier in 2024, US regulator the Public Company Accounting Oversight Board fined <a target="_blank" class="" href="https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes-record--25-million-fine-on-kpmg-netherlands-and-bars-a-firm-leader-after-exam-cheating--misinforming-investigators">KPMG's Dutch business $25 million</a> over staff cheating on exams, while <a target="_blank" class="" href="https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-imposes--2-million-in-fines-on-deloitte-indonesia-and-deloitte-philippines--bars-firm-leader-after-exam-cheating">Deloitte's affiliates in Indonesia and the Philippines</a> were also fined for similar breaches.Are you an EY employee? Contact this reporter in confidence at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

EY fired staff for an ethical breach after they watched multiple online training courses at the same time

Online scams in India have been on the rise for the last few months and every now and then, a new case surfaces where a victim loses their hard-earned money. Usually, scammers in many cases pose as company officials to steal your sensitive information and misuse it. In one such recent incident, a 44-year-old woman from <keyword id="19895934" type="General" weightage="20" keywordseo="noida" source="keywords">Noida</keyword> recently fell victim to an <keyword id="20971199" type="General" weightage="100" keywordseo="esim-scam" source="Orion">eSIM scam</keyword>, losing ₹27 lakh and becoming the target of fraudulent loan activity. The scam involved the manipulation of her <keyword id="19909735" type="General" weightage="20" keywordseo="sim" source="keywords">SIM</keyword> card and banking details, which allowed the fraudster to siphon off her funds and take out a loan in her name. <h2>What exactly happened</h2> According to an HT report, <keyword id="23110017" type="General" weightage="20" keywordseo="jyotsana-bhatia" source="keywords">Jyotsana Bhatia</keyword>, a resident of Sector 82 in Noida, works at a private company and filed a complaint with the cybercrime police station in Sector 36. On August 31, Bhatia received a WhatsApp call from a person posing as a customer care executive from her telecom provider. The caller explained that her SIM card could be converted to an embedded SIM (eSIM), which is a digital version of a physical SIM card and can be helpful in case of phone loss. The suspect offered to help Bhatia activate the eSIM feature, instructing her to select the option in her mobile carrier’s application and enter a verification code that was sent to her phone. Bhatia, unaware of the fraud, followed the steps as instructed. Unfortunately, as soon as she entered the code, her physical SIM card was deactivated. The suspect assured her that a new SIM card would be delivered by September 1, leaving her temporarily without access to her mobile number. When the promised SIM card failed to arrive, Bhatia contacted the telecom provider’s customer care service and was advised to visit the service centre to get a replacement. After three days, on September 3, she was issued a new SIM card. However, by then, the damage had already been done. Bhatia started receiving messages from her bank, revealing that the fraudster had accessed her mobile banking account using her deactivated phone number. By changing the associated email ID, the suspect was able to bypass security checks and transfer large sums of money from her accounts. The fraudster also broke her fixed deposit, siphoned money from two bank accounts, and even took out a loan of ₹7.40 lakh in her name. Bhatia reported that the total amount stolen in multiple transactions amounted to ₹27 lakh. Shocked by the breach, she immediately filed an FIR with the cybercrime unit. The police registered the case under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita, as well as under relevant sections of the IT Act. Efforts to track down the suspect are currently underway. <h2>Understanding eSIM and its risks </h2> An eSIM (embedded SIM) is a digital version of a SIM card that is built into a device and does not require a physical card. While this technology is convenient and allows users to switch networks or plans without handling a physical card, it also opens the door to new forms of fraud. Scammers can manipulate eSIM features to deactivate a user’s existing SIM card and take control of their phone number, which is linked to various accounts and services. In this case, the fraudster exploited the victim’s trust by posing as a telecom customer care executive, taking advantage of her lack of knowledge about the risks associated with eSIM activation. Once the fraudster gained control of her phone number, they accessed her bank accounts through mobile banking applications that rely on the phone number for authentication. By changing the email ID linked to her account, they prevented the victim from receiving security alerts and were able to make unauthorised transactions without her knowledge.

Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh

<ul><li>The government has warned about a new way <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> are trying to obtain <keyword id="20189059" type="General" weightage="20" keywordseo="personal-information" source="keywords">personal information</keyword>.</li><li>Users have reportedly received an SMS asking them to update their PAN to unblock their <keyword id="20417750" type="General" weightage="20" keywordseo="bank-account" source="keywords">bank account</keyword>.</li><li>Here's everything you need to know about the <keyword id="22918614" type="General" weightage="100" keywordseo="fake-PAN-SMS" source="keywords">fake PAN SMS</keyword> and how to stay safe.</li></ul>Increased usage of the internet has also resulted in an increase in <keyword id="20025584" type="General" weightage="20" keywordseo="online-fraud" source="keywords">online fraud</keyword>. Scammers are finding new ways to fool people and steal from them. A new method has now been revealed, which preys on users with an account in <keyword id="19985316" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="India Post Payments Bank" meta.hostid="261" meta.entityid="India Post Payments Bank">India Post Payments Bank</keyword>. According to a post by PIB Fact Check, several users have received an SMS which claims to be from India Post Payments Bank. However, the message is fake and is an attempt to steal user data. “This claim is #Fake. @IndiaPostOffice never sends any such messages. Never share your personal &amp; bank details with anyone,” PIB Fact Check said in its post on X. <div type="twitter" handle="PIBFactCheck" handlename="PIBFactCheck" favoritecount="0" retweetcount="0" id="1825494609881170290"></div> <h2>What is the fake PAN SMS?</h2> In the SMS, the user is warned that their India Post Payments Bank account has been blocked. It then asks the users to update their PAN to get their account unblocked. The user is then given a link, asking them to click on the link to update their PAN. <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div> The link then redirects the user to a <keyword id="20182216" type="General" weightage="20" keywordseo="phishing" source="keywords">phishing</keyword> page, aimed at stealing user data such as their bank account login details to gain access to their account. Once you enter your bank account login details, they will be sent to the scammer. <h2>What is phishing?</h2>Phishing is a cyber-attack where attackers impersonate legitimate organisations or individuals to trick people into revealing sensitive information like passwords or credit card details. This is usually done through deceptive emails, messages, or fake websites. <h2>How to stay safe from phishing attacks?</h2>Here are some ways you can identify phishing attacks and stay safe: <ul><li>Verify the sender: Check the sender’s email address or phone number carefully. Phishers often use addresses that look similar to legitimate ones but have small differences.</li><li>Look for red flags: Be wary of unexpected messages, especially those requesting sensitive information or containing urgent or threatening language.</li><li>Verify before opening: Only open attachments from trusted sources. Phishing emails often contain malware disguised as legitimate files.</li><li>Add two-factor authentication: Enable two-factor authentication on your accounts. This adds an additional layer of security even if your password is compromised.</li><li>Contact directly: If you receive a request for sensitive information, verify the request by contacting the organisation directly through known and trusted channels.</li><li>Report phishing attempts: Report phishing emails to your email provider or the relevant authorities. This helps in tracking and stopping phishing schemes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9s-pro-vs-moto-edge-50-fusion-which-is-the-best-smartphone-under-25000/slidelist/112703633.cms">iQOO Z9s Pro vs Moto Edge 50 Fusion – which is the best smartphone under ₹25,000?</a>

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

<ul class="summary-list"><li>Short-seller Hindenburg Research accused Roblox of "lying to investors" and inflating user data.</li><li>Shares in the company fell as much as 9.4% on Tuesday.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/rblx-stock">Roblox</a> stock dropped on Tuesday after short-seller Hindenburg Research accused the gaming platform of inflating user metrics and deceiving investors.In its report, Hindenberg says that the popular online gaming platform has adopted a "growth at all costs" approach that has led it to deceive investors and tolerate dangerous material that puts younger users at risk. "Since Roblox isn't profitable, its stock price (and, in turn, insiders' ability to dump hundreds of millions of dollars of stock) is reliant on the growth metrics it presents to Wall Street," Hindenburg said in a <a target="_blank" href="https://hindenburgresearch.com/roblox/">new report</a>.Shares in the gaming platform company fell as much as 9.4% in early intraday trading on Tuesday. The stock pared those losses to about 3% around 11 a.m. ET, and was trading at around $40.20 a share. The short-seller alleged that Roblox's user number takes into account daily active users, which could include bots or players with multiple accounts. "Our research indicates that Roblox is lying to investors, regulators, and advertisers about the number of 'people' on its platform, inflating the key metric by 25-42%+. We also show how engagement hours, another key metric, is inflated by an estimated 100%+In addition to alleging inflated user info that has misled Wall Street investors, Hindenberg also claims the company has created a dangerous environment for users, specifically minors on the platform. The short-seller called Roblox a "pedophile hellscape," claiming that children who play are exposed to grooming, pornography, violent content, and abusive speech."We totally reject the claims made in the report," a Roblox spokesperson said in a statement. "The financial claims made by Hindenburg Research are simply misleading. The authors are, admittedly short sellers (and have an agenda irrespective of the substance of Roblox' business model and results)."The company also said that Roblox is a "safe and secure platform."

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