Mumbai | "Digital arrests have fallen by 67 per cent," after sustained awareness campaigns, but “if you look at the total volume of cybercrime, the focus has shifted to investment scams,” said Shri Brijesh Singh, Principal Secretary, Directorate of Information and Public Relations, Government of Maharashtra, at a panel discussion on Agentic AI VS Cyber Crime: Automation on Both Sides and cybersecurity at Global Fintech Fest (GFF) 2026, being held from September 8–11 at Jio World Centre, Mumbai.
Shri Singh noted that Prime Minister Shri Narendra Modi's observations on so called ‘digital arrest’ scams during ‘Mann Ki Baat’ have been instrumental in bringing down such scams. However, he added, “Awareness alone cannot outpace fraud, which keeps adapting and getting complex.”.
Other speakers of the panel were Shri Rajesh Thapar, CISO, NSE India, and Mr Mithilesh Singh, Managing Director, Prottiviti. It was moderated by Mr Viswanath Krishnamurty, CRO, NPCI.
Shri Singh said agentic AI has fundamentally changed cybersecurity. “Attacks once requiring a chain of human collaborators are now executed autonomously, adapting in real time. It's time that the defensive systems also keep pace with such crime,” he added.
Underscoring the importance of cybersecurity, he said that security should be given the same importance as digital public infrastructure. Everybody should make it together, he said, pointing out that the current model, where "everybody is protecting their individual perimeters," cannot counter fraud networks that cut across digital ecosystems, spanning telecom, apps, banking and social media.
Shri Singh also cited the Reserve Bank Innovation Hub's upcoming Digital Payments Intelligence Platform as a step toward continuous, risk-based monitoring, since “even good accounts can turn mules despite clean KYC records at onboarding”.
Shri Singh warned that generative AI has made real-time deepfakes cheap and accessible, with companies losing millions of dollars as fraudsters impersonate on video calls. Such crimes are rising because genuine evidence can be dismissed as AI-generated due to a lack of digital provenance, making prosecution harder even as fraud grows more sophisticated.
Shri Thapar stressed the need for cyber defence to match "machine speed,". “It should be built on the following pillars: anticipate, prevent, withstand and adapt. AI should be your slave and not your master," he said.
Mr Mitlesh Singh added that trust and transparency must remain "non-negotiable" as institutions scale AI adoption.
GFF 2026 is organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC). The conference is supported by the Ministry of Electronics and Information Technology (MeitY); the Department of Financial Services, Ministry of Finance; the New, Emerging and Strategic Technology (NEST) Division, the Ministry of External Affairs; Niti Aayog; the Reserve Bank of India (RBI); the Securities and Exchanges Board of India (SEBI); the International Financial Services Centres Authority (IFSCA), and the Pension Fund Regulatory and Development Authority (PFRDA).
About Payments Council of India (PCI)
The Payments Council of India (PCI) was formed under the aegis of the Internet and Mobile Association of India (PCI) in the year 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia to represent the various non-banking payment industry players, and to address and help resolve various industry-level issues and barriers that require discussion and action.
The council works with its 220+ members, encompassing over 90% of the industry to promote payments industry growth and to support our national goals of 'Cashless Society' and ‘Growth of Financial Inclusion’ which is also the Vision Shared by the RBI and the Government of India. PCI represents the complete digital payments ecosystem of India through its various committees representing different sectors.
About National Payments Corporation of India (NPCI)
National Payments Corporation of India (NPCI) is the umbrella entity responsible for operating retail payments and settlement systems in India. It is established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). The Company is focused on bringing innovations in the retail payment systems by using technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI is committed to harnessing the transformative potential of deep tech, creating an ecosystem that fosters collaboration to work on breakthrough technologies. Underlining its commitment to service, NPCI has been incorporated as a “Not for Profit” Company to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
NPCI has made a profound impact on India's retail payment landscape, focusing on creating robust, efficient, and inclusive payment and settlement solutions. NPCI has been instrumental in introducing a range of products that have revolutionised retail payment systems. These include Unified Payments Interface (UPI), RuPay, National Automated Clearing House (NACH), Immediate Payment Service (IMPS), National Electronic Toll Collection (NETC), Aadhaar Enabled Payment System (AePS), e-RUPI and more. Each of these products has contributed significantly to enhance the efficiency and accessibility of payment systems in India, ultimately propelling financial inclusion.
NPCI has played a fundamental role in establishing the foundation for India’s rapidly growing digital payments ecosystem, projecting the country onto the global stage.
NPCI has four wholly owned subsidiaries – NPCI International Payments Limited (NIPL) and NPCI Bharat BillPay Limited (NBBL), NPCI BHIM Services Limited (NBSL) and NPCI Tech Solutions Limited (NTSL), established in pursuance of NPCI Board & RBI approval.
For more information visit: https://www.npci.org.in/
About Fintech Convergence Council (FCC)
Established in 2018, the Fintech Convergence Council (FCC) is an industry body representing the collective voice of fintech companies in India. Since its inception, the FCC has evolved into a leading platform with a diverse membership of over 280 fintech entities across key segments including digital lending, wealth, insurance, RegTech, and credit bureaus. The FCC’s core mission is to address sector-specific challenges and provide a unified platform for dialogue within the broader BFSI (Banking, Financial Services, and Insurance) ecosystem.
The council actively engages with regulators and policymakers to help shape progressive policy frameworks and promote a balanced approach to innovation and compliance. In addition to policy advocacy, the FCC also focuses on knowledge sharing, strengthening consumer education, and promoting responsible finance through awareness-building initiatives on customer protection, digital literacy, and best practices in fintech.
To learn more, please visit https://fintechcouncil.in
