Finance Minister Nirmala Sitharaman highlighted the rising threat of deepfake videos and AI-based fraud during the Global FinTech Fest 2025 in Mumbai. She said criminals are now hacking trust, not firewalls, by creating fake videos and mimicking voices.
To tackle fraud in the financial sector, SEBI and NPCI have launched dedicated UPI handles for registered intermediaries. Major brokers covering over 90% of investors and all mutual funds have enabled these secure handles.
The SEBI Check platform allows investors to verify UPI IDs and bank accounts of registered intermediaries before making payments. This ensures privacy, security, audit trails, and quick detection of mismatches.
FM Sitharaman emphasized responsible regulation, innovation, and growth in the FinTech and AI sectors. India now contributes 16% of global AI talent and aims to become a hub for AI-enabled products and services.
