I4C and CERT-In have warned banks, NBFCs and fintech firms about AI-powered cyberattacks exploiting vulnerable systems and payment APIs. The attacks enable multi-crore unauthorised transactions, prompting authorities to recommend stronger cybersecurity and transaction monitoring.

New Delhi: The National Cybercrime Threat Analysis Unit (NCTAU) of Indian Cyber Crime Coordination Centre (I4C) and CERT-In, Ministry of Electronics and IT has noticed a trend in cyber-attacks based cyber frauds on Banks, Non-Banking Financial Companies (NBFCs) and FinTech Companies.

"These attacks are financially motivated and are being carried out with the help of Artificial Intelligence (AI) agents leading to machine speed compromise. Multi-crore unauthorized transaction through fund disbursement systems and APIs are being found in individual cases," read the advisory from 14C.

The advisory said that Perpetrators exploit unpatched software or mis-configured internet exposed Servers / IT systems to compromise the infrastructure.

This also includes customer end complaint interface, according to the advisory, adding that Hackers then target automated fund disbursement systems or special interfaces (APIs) used for payments and fund transfers.