Addressing the Fraud Prevention Summit: Enhancing Safety in Digital Communication organised by PHDCCI and Truecaller today at Imperial Hotel, New Delhi, Shri V Raghunandan, Secretary, TRAI, outlined how with the launch of 5G technology and its deployment across the country, some concerns are also arising especially in the context of IoT applications. He informed that, with ongoing initiatives related to device security, network security, and KYC provisions, already are being undertaken by the Department of Telecommunications (DOT) to prevent tampering.
He mentioned there are two types of fraudulent communication: pull-based, where customers unintentionally expose themselves to risks, and push-based, where attacks are initiated through links or messages. Further he also underscored the regulatory role in addressing the latter. He mentioned that, recently, TRAI introduced the Digital Consent Acquisition system, emphasizing the necessity of explicit consent from customers where service providers are mandated to specify the purpose of communication or number acquisition, ensuring transparency.
Furthermore, Shri Raghunandan directed service providers to refrain from including links in messages unless whitelisted. He also informed on the ongoing efforts to develop a caller identification system like Truecaller. Highlighting India’s progress in global cybersecurity, he mentioned that through collaborative efforts, India has climbed from the 46th to the 10th rank in the Global Cybersecurity Index. Further Shri Raghunandan expressed aspirations to attain the top rank through continued cooperation among stakeholders.
Mr. Hemant Jain, Sr. Vice President, PHDCCI while giving the industry perspective said, as we embrace technological advancements like AI, ML etc., it is crucial to strike a balance between innovation and security. The integration of Al and technology should be accompanied by a comprehensive understanding of the associated risks and ethical considerations. He said collaboration between industry stakeholders, technology providers, and regulatory bodies is essential to develop standardized frameworks that ensure the responsible and ethical use of these tools.
Mr. Alan Mamedi, Co-founder and CEO of Truecaller highlighted the company’s efforts and stated, “At Truecaller, we are dedicated to advancing our products and services to match the swift evolution of fraudulent activities facilitated by technology. Our commitment involves proactively mitigating risks through innovation and fostering collaboration among all stakeholders. This collective effort is crucial in preventing fraud, safeguarding citizens, and ensuring a safe digital experience for citizens. The Fraud Prevention Summit represents a significant step in this direction, uniting key stakeholders to adopt effective strategies to counter emerging threats and fortify user trust in digital communication.”
The vote of thanks was given by Dr. Ranjeet Mehta, Executive Director, PHDCCI. He said, around 66% of the global population is connected to the internet. In a single minute, approximately three billion messages are shared. In this scenario, it becomes extremely important to scrutinize digital communication and address fraud prevention.
The Summit was attended by the CTOs, CIOs and cybersecurity experts from all industrial sectors.
This Event was sponsored by Truecaller and it was supported by PHDCCI annual sponsors, DLF Ltd; Jindal Steel & Power; KLJ Group; Multani Pharmaceuticals Ltd; Marble City; MMG Group; Radico Khaitan Ltd; Uflex Ltd; Vestige; Eazy ERP Technologies; JK Tyre & Industries Ltd; Sagar Group of Industries; Superior Industries Limited; Samsung India Electronics; Oswal Greentech; Apeejay Stya Group; Blossom Kochhar Beauty Products Pvt Ltd; DCM Shriram; R E Rogers; Trident Group; Ajit Industries Pvt Ltd; Bhagwati Plastic and Pipes Industries; Central Coalfields Ltd; DD Pharmaceutical Ltd.; Hindware Sanitary; Jindal Steel; Modern Automobiles; P S BEDI & Co.