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Hyderabad: Cyberabad Police Commissioner Avinash Mohanty has urged the public to be cautious of cyber fraudsters. Speaking at an event titled “Securing the Future: Navigating the Intersection of Cyber Security, Privacy, and Artificial Intelligence,” organized by ISACA Hyderabad Chapter at The Westin Hyderabad, Raheja Mindspace, he highlighted that these fraudsters exploit two key human traits: fear and greed. He mentioned that cybercrimes currently account for 30% of all crimes, a number that could rise to 50% in the future. Online betting and loan app scams have seen a significant increase, with fraudsters using UPI payments and crypto networks to carry out large-scale scams.
He explained that these fraudsters operate with minimal resources, often using small servers, regular phones, and even small call centers. Although they don’t have top-end infrastructure, they manage to deceive people by impersonating professionals in the finance field. They open bank accounts, funnel hundreds of crores through them within a month, and abandon the accounts after six months, often providing fake addresses when opening these accounts. Commissioner Mohanty emphasized the need for heightened awareness regarding such frauds.
Deputy Secretary of IT and Electronics Bhavesh Mishra added that eight billion cybercrimes had occurred within a year, but recovery rates remain below 20%. He stressed the importance of collaboration among IT, data, police departments, and auditors. He also mentioned that the Telangana government has allocated 200 acres for AI development and will support companies working in this field.
*ISACA Hyderabad Chapter President GCS Sharma* stated that discussions focused on cyber security, data privacy, and AI. He noted that ISACA Hyderabad has 1,200 members, including auditors, bankers, chartered accountants, government employees, AI specialists, and cyber security professionals and CISO’s. ISACA operates across 166 countries, with 228 chapters and 180,000 members worldwide. They plan to hold a charity event on October 5.
ISACA Hyderabad presented this event along with EliteCISO’s – a Community partner and Telangana CCOE as Knowledge Partner to make this event a huge success.