Hyderabad Commissioner urges banks to be vigilant in view of AI-driven attacks
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Hyderabad, Nov 9 (IANS) Hyderabad Police Commissioner V. C. Sajjanar on Monday urged banks and financial institutions to strengthen their cybersecurity systems in view of increasingly complex cybersecurity incidents being frequently reported.
“Entities handling citizen finances and data—including Banks, Financial Institutions, Quick Commerce, and Mobility Platforms—are requested to strengthen their cybersecurity systems, processes, and manpower against evolving AI-assisted attacks and hacker syndicates,” he said.
The Police Commissioner emphasised that all third-party systems, services, and modules handling confidential data must be treated on par with core applications, with stringent quality norms implemented across the ecosystem. This is crucial for the safety of citizens' finances and overall well-being, he said.
In a statement, Sajjanar asked banks, financial institutions and other entities not to compromise on cybersecurity and stay extra vigilant amidst AI-driven attacks.
In the current climate, where international cybercriminal gangs are launching sophisticated attacks using cutting-edge technology, the Commissioner emphasised that organisations handling citizens' financial transactions and sensitive data must remain highly vigilant.
He urged banks, financial institutions, quick-commerce platforms, and mobility service providers to immediately strengthen both their cybersecurity infrastructure and their pool of expert human resources.
He called for the development of proactive strategies to counter emerging challenges, including attacks powered by Artificial Intelligence and threats posed by foreign hackers.
Commissioner Sajjanar further pointed out that many Non-Banking Financial Companies (NBFCs) rely on third-party modules and API services to manage customer personal information and payment processing.
He stressed that these supporting systems must be treated with the same level of scrutiny as core applications, and that the highest security standards must be implemented across them.
Cybercriminals are currently leveraging AI agents to easily identify vulnerabilities within the networks of financial institutions.
They are specifically exploiting weaknesses such as outdated software, misconfigured internet systems, and technical loopholes in customer grievance portals. There is growing concern that these criminals use automated fund disbursement systems and payment APIs to divert crores of rupees into "mule" accounts in the blink of an eye—often wiping out digital records entirely to leave no trace for law enforcement, he said.
“To counter this emerging cyber threat, financial institutions must immediately implement key defensive measures. This includes removing obsolete APIs—such as those once created for testing purposes but left behind—from their systems. Furthermore, it is essential to ensure robust security for critical fund-disbursement systems, keep all software regularly updated, and conduct daily, rigorous security reviews of internet-facing customer portals. Institutions should also establish specific thresholds to flag unusually rapid or large-value transactions and ensure that the details of all beneficiaries are thoroughly verified,” the Police Commissioner said.
He advised that, before funds are credited to accounts, a full-scale KYC (Know Your Customer) process must be completed and approval from senior officials must be obtained. Furthermore, to ensure preparedness against potential cyberattacks, IT and cybersecurity teams should work in coordination to conduct frequent "Red Team" mock drills.
Organisations must adhere to the highest security standards to ensure that not even the slightest vulnerability arises within their digital systems; such proactive preventive measures are crucial for safeguarding the financial security of citizens.
The public is urged to immediately contact the national cybercrime helpline at 1930 or file a complaint via the portal cybercrime.gov.in if they identify any suspicious transactions or fall victim to a cyber fraud.
“Entities handling citizen finances and data—including Banks, Financial Institutions, Quick Commerce, and Mobility Platforms—are requested to strengthen their cybersecurity systems, processes, and manpower against evolving AI-assisted attacks and hacker syndicates,” he said.
The Police Commissioner emphasised that all third-party systems, services, and modules handling confidential data must be treated on par with core applications, with stringent quality norms implemented across the ecosystem. This is crucial for the safety of citizens' finances and overall well-being, he said.
In a statement, Sajjanar asked banks, financial institutions and other entities not to compromise on cybersecurity and stay extra vigilant amidst AI-driven attacks.
In the current climate, where international cybercriminal gangs are launching sophisticated attacks using cutting-edge technology, the Commissioner emphasised that organisations handling citizens' financial transactions and sensitive data must remain highly vigilant.
He urged banks, financial institutions, quick-commerce platforms, and mobility service providers to immediately strengthen both their cybersecurity infrastructure and their pool of expert human resources.
He called for the development of proactive strategies to counter emerging challenges, including attacks powered by Artificial Intelligence and threats posed by foreign hackers.
Commissioner Sajjanar further pointed out that many Non-Banking Financial Companies (NBFCs) rely on third-party modules and API services to manage customer personal information and payment processing.
He stressed that these supporting systems must be treated with the same level of scrutiny as core applications, and that the highest security standards must be implemented across them.
Cybercriminals are currently leveraging AI agents to easily identify vulnerabilities within the networks of financial institutions.
They are specifically exploiting weaknesses such as outdated software, misconfigured internet systems, and technical loopholes in customer grievance portals. There is growing concern that these criminals use automated fund disbursement systems and payment APIs to divert crores of rupees into "mule" accounts in the blink of an eye—often wiping out digital records entirely to leave no trace for law enforcement, he said.
“To counter this emerging cyber threat, financial institutions must immediately implement key defensive measures. This includes removing obsolete APIs—such as those once created for testing purposes but left behind—from their systems. Furthermore, it is essential to ensure robust security for critical fund-disbursement systems, keep all software regularly updated, and conduct daily, rigorous security reviews of internet-facing customer portals. Institutions should also establish specific thresholds to flag unusually rapid or large-value transactions and ensure that the details of all beneficiaries are thoroughly verified,” the Police Commissioner said.
He advised that, before funds are credited to accounts, a full-scale KYC (Know Your Customer) process must be completed and approval from senior officials must be obtained. Furthermore, to ensure preparedness against potential cyberattacks, IT and cybersecurity teams should work in coordination to conduct frequent "Red Team" mock drills.
Organisations must adhere to the highest security standards to ensure that not even the slightest vulnerability arises within their digital systems; such proactive preventive measures are crucial for safeguarding the financial security of citizens.
The public is urged to immediately contact the national cybercrime helpline at 1930 or file a complaint via the portal cybercrime.gov.in if they identify any suspicious transactions or fall victim to a cyber fraud.
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Note: The content of this article is sourced from a news agency and has not been edited by the ap7am team.