Metro India News | Hyderabad 

V C Sajjanar, Vice Chairman and Managing Director, Telangana State Road Transport Corporation (TGSRTC), suggested Artificial Intelligence (AI) powered fraud detection must be used to analyze data and identify suspicious activity.

The Federation of Telangana Chambers of Commerce and Industry (FTCCI) organized a Conference on “Navigating Corporate Failure and Digital Fraud: Pathways to Success” at FTCCI Surana Auditorium, Federation House, here on Monday evening.

Speaking about digital frauds, V C Sajjanar said “We have reached a stage, we cannot do anything without technology. We depend heavily on it. The rise of AI and Big Data also increased the scope of digital fraud. Digital frauds have been rising at an alarming pace. The cyber criminals are exploiting the increasing reliance on online platforms to steal personal information, money, and disrupt businesses.  Hence, digital frauds have to be boardroom priorities of all the corporate houses.

Sajjanar, a former top cop said that they can use block chain technology to secure financial transactions, which ensures tamper-proof and resistant to alteration. Training the staff on cyber security is important to prevent digital frauds, and focus on educating them about basic security practices. Digital fraud is no longer a business risk, it is a societal concern, he added.