AI enables surge in small scale cyber scams targeting Indians
India is seeing a big jump in small-scale cyber scams, with AI making it easier for scammers to target regular people.
Tricks like "salami slicing," where many small frauds are carried out at scale, are getting common, along with fraudulent payment requests, bogus investment offers, and even AI-generated impersonations.
Fake accounts surged to 1.5 million
These low-value frauds add up fast because they're done on such a massive scale.
Atul Gupta, partner, KPMG, who also leads cyber security services, puts it, "Many times, fraudsters attempt to adopt a "salami slicing" approach. So, even though individual financial fraud is not of large value, it is carried out at scale,"
Fake accounts have exploded, from 200,000-300,000 such accounts in January to 1.5 million by August, and UPI scams and phony investments are everywhere.
Even your social media data could help fuel the next scam. Stay sharp!