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Paytm Payments Bank Announces Artificial Intelligence Driven Security Measures To Protect Transactions

The company said it has a dedicated team of over 200 cybersecurity experts and industry stalwarts to ensure round the clock security of every user transaction

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One of the new features on Paytm Payments Bank analyses 'rogue' apps on user devices which might trigger fraudulent transactions and advises users to uninstall them. Wikimedia Commons

Paytm Payments Bank on Monday announced Artificial Intelligence (AI)-driven security measures to safeguard users from fraudsters and protect their transactions.

One of the new features analyses ‘rogue’ apps on user devices which might trigger fraudulent transactions and advises users to uninstall them.

The bank is also leveraging AI to instantly detect suspicious transactions.

Depending on the identified threat level of a transaction, the AI either slows it down or completely blocks the payment from getting completed, the company said in a statement.

“This security feature will scan the apps installed on the user device and will pop-up a security alert whenever a dangerous app is found that may put the users’ accounts at risk,” said Satish Gupta, MD & CEO of Paytm Payments Bank.

No transactions will be possible until the user uninstalls that fraudulent app.

“A large number of our users have welcomed this move. We have already seen cases where these features have stopped attempts to defraud our customers,” Gupta added.

The company said it has a dedicated team of over 200 cybersecurity experts and industry stalwarts to ensure round the clock security of every user transaction.

Paytm
Paytm Payments Bank on Monday announced Artificial Intelligence (AI)-driven security measures to safeguard users from fraudsters and protect their transactions. IANS

The teams are closely working with all state and central police forces and cyber-cells as well as telecom companies to detect, prevent and report fraudulent transactions for immediate action, informed the company.

The bank has submitted a comprehensive list of 3,500 phone numbers involved in SMS and call scams to authorities.

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It has filed an FIR against these criminals with the Cyber Cell for an immediate action to stop the scam. (IANS)

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Central Government To Host AI-Focused Summit in April To Exchange Ideas on Technology

The government will partner with industry and academia for the summit called "RAISE 2020 -- Responsible AI for Social Empowerment 2020"

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The government will partner with industry and academia for the summit called "RAISE 2020 -- Responsible AI for Social Empowerment 2020". Pixabay

The Indian government on Wednesday said it will host an Artificial Intelligence (AI)-focused summit here on April 11-12 with the aim of providing a platform for a “global meeting of minds” to exchange ideas.

The government will partner with industry and academia for the summit called “RAISE 2020 — Responsible AI for Social Empowerment 2020”.

Set to be inaugurated by Prime Minister Narendra Modi, the summit will aim to charter a course to use AI for social empowerment, inclusion and transformation in key areas like healthcare, agriculture, education and smart mobility, among other sectors.

Ahead of the summit, the Ministry of Electronics and Information Technology (MeitY) organised a consultation with industry representatives to bring in synergies within India’s AI landscape.

“We are extremely delighted to announce the first of its kind two-day summit – ‘Responsible AI for Social Empowerment 2020′. In our opinion, a data-rich environment like India has the potential to be the world’s leading AI laboratory which can eventually transform lives globally,” said Ajay Prakash Sawhney, Secretary, MeitY.

“AI technology is a powerful tool that can be used to create a positive impact in the Indian context, further becoming the AI destination for the world,” Sawhney added.

During the consultation session, the government also launched an AI-startup challenge “Pitchfest”.

AI
The Indian government on Wednesday said it will host an Artificial Intelligence (AI)-focused summit here on April 11-12 with the aim of providing a platform. Pixabay

“The name “RAISE 2020″ came into being because we want to leverage responsible AI practices for enabling the masses. Through this summit we will outline India’s vision for utilising the power of AI to responsibly transform the social landscape for a better tomorrow,” sad Abhishek Singh, President and CEO, National e-Governance Division (NeGD).

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“RAISE 2020 will facilitate an exchange of ideas to further create a mass awareness about the need to ethically develop and practice AI in the digital era,” Singh said. (IANS)