Could early threat detectors prevent financial fraud?

Cyber crime continues and causes a great deal of harm to its victims.
Google has launched DigiKavach, an early threat detection and warning system to identify and combat emerging financial fraud patterns

Financial fraud is a major and growing threat, therefore innovative solutions are needed in order to successfully protect individuals and organisations. As online banking, digital transactions, and fintech have become more widespread, fraudsters have found new ways to exploit their unsuspecting victims

To address this growing problem, Google has launched a new initiative called DigiKavach, a state-of-the-art early threat detection and warning system that can identify and analyse emerging financial fraud patterns before they cause widespread harm.

At its ‘Google for India’ event, the organisation announced that the new system will leverage “a collective, proactive, responsible approach to quickly and effectively share learnings and insights with committed partners across the ecosystem.”

What will DigiKavach do?

The first step when dealing with financial fraud is understanding scammers' strategies. DigiKavach's dedicated teams are working tirelessly to unravel fraudsters' complex web of deception. Through cutting-edge technology to detect emerging threats, DigiKavach has a comprehensive understanding of fraud patterns.

DigiKavach also emphasises the importance of collective efforts, partnering with organisations like the Fintech Association for Consumer Empowerment (FACE) to enhance fraud detection and protect individuals from predatory loan apps.

Google's intervention comes at a time when there is a rising trend of cyber crime targeting mobile internet users increasing in India. The country has over 750 million internet users, with the internet providing numerous advantages, such as improved governance, information access, and digital payments. 

However, the issue of cyber crime continues and causes a great deal of harm to its victims. As time and technology have both progressed, scammers and fraudsters have also evolved to carry out more advanced attacks. Researchers at CloudSEK, an AI-based cybersecurity company, have seen that cyber criminals are increasingly blending vishing (voice phishing) techniques with OTP grabber services to intensify their malicious actions.

What is Google’s role?

Google plays a critical role in protecting the financial ecosystem. For example, there is Gmail's Phishing Protection, which scans all messages to protect users against malware, whether or not attachment security settings are turned on, as deceptive emails are a common starting point for numerous financial fraud attempts.

Google's email service, Gmail, which automatically blocks more than 99.9% of spam, phishing, and malware, ensuring the security of over 1.5 billion inboxes worldwide. This robust level of protection greatly reduces the risk of individuals becoming targets of phishing scams.

Through Google's DigiKavach initiative, the company signifies a major step forward in strengthening the digital financial landscape. By utilising a combination of technology and cooperation to counteract emerging threats of financial fraud, it aims to establish a safer and more protected digital environment for both individuals and organisations in this modern day and age.


For more insights into the world of Cyber - check out the latest edition of Cyber Magazine and be sure to follow us on LinkedIn & Twitter.

Other magazines that may be of interest - Technology Magazine | AI Magazine.

Please also check out our upcoming event - Net Zero LIVE on 6 and 7 March 2024.  


BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability leaders, Procurement & Supply Chain leaders, Technology & AI leaders, Cyber leaders, FinTech & InsurTech leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food.

BizClik – based in London, Dubai, and New York – offers services such as content creation, advertising & sponsorship solutions, webinars & events.


Featured Articles

UK Takes Steps to Strengthen Country's Cyber Security

The new government have made cybersecurity one of their top priorities as they lay out their plans for what they intend to do in power

BlueVoyant Launch Platform to Tackle Supplier Attack Surface

BlueVoyant has unveiled a new Cyber Defense Platform which aims to tackle the growing attack surface introduced by the ecosphere of third-party vendors

Irdeto’s Andrew Bunten Talks Securing Online Content Streams

With online streaming services being bigger than ever, Irdeto’s Andrew Bunten explains how they manage to keep streams safe despite the huge attack surface

Fortinet Cyber Survey Shows Global Scope of Skills Gap

Operational Security

What ChatGPT Passing an Ethical Hacking Exam Means for Cyber

Technology & AI

Learn How CTEM can Upskill Your Cyber Strategy

Network Security