Tech3 | Inside I4C's fight battling fintech frauds; Kris Gopalakrishnan sees AI driving IT sector; and more

One quick thing: Rural credit startup Sarvagram in talks to raise over $50 million in funding ??

In today’s newsletter:?

• Inside I4C: The crack team fighting fintech frauds in India
• Kris Gopalakrishnan sees AI driving IT sector
• Major NVIDIA upgrade for India’s Siddhi supercomputer

Inside I4C: The crack team fighting fintech frauds in India

For every Rs 100 lost to fraud, the Indian Cybercrime Coordination Centre (I4C) saves Rs 12.50—a small yet vital win in the relentless battle against cybercrime.

Tell me more:?In the high-stakes world of fintech, I4C is the unsung hero safeguarding citizens' hard-earned money from a rising wave of fraud.

• Led by CEO Rajesh Kumar, this digital defence force is tackling cybercriminals, one mule account at a time

Its Citizen Financial Cyber Fraud Reporting and Management System (CFC RMS) serves as a unified platform, connecting banks, the Reserve Bank of India (RBI), fintechs, the National Payments Corporation of India (NPCI), and law enforcement agencies for near real-time responses to complaints.?

• With a network of 311 partners, including banks, wallets, and even a courier company, CFC RMS is building a formidable defence against cyber fraud
• Efforts are underway to fully automate the system, which has already prevented Rs 2,750 crore from falling into the hands of fraudsters

Leveraging AI: To stay ahead of the ever-evolving tactics of cybercriminals, I4C is now adding an AI layer to its arsenal.?

A team of 120 data analysts and cyber sleuths is working tirelessly to map out cybercrime trends and anticipate fraudsters’ next moves.

“We are like a startup in government space and the impact of our work is immense,” Kumar said.

The uphill battle:?Despite I4C's efforts, the threat of cybercrime continues to evolve. Unauthorised fintech apps and mule accounts continue to spread like wildfire.?

Over 1,100 complaints were lodged against?illegal loan apps in the past year, with losses surpassing Rs 200 crore.

"These companies operate without the necessary licences, making it difficult to hold them accountable," warns Kumar.

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Picture credit: Microsoft Copilot

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