Hyderabad: The Telangana Cyber Security Bureau (TGCSB) has convened a meeting with NBFCs, FinTech platforms and banks, asking them to strengthen their security mechanisms following a recent series of AI-assisted cyberattacks on payment and loan disbursement systems. Officials from the RBI and the Department of Telecommunications also attended the meeting.Fraudsters have been targeting smaller NBFCs with weaker cybersecurity, gaining unauthorised access to payment systems and diverting funds into mule accounts through rapid, automated bulk transactions.Addressing the meeting, TGCSB Superintendent of Police B Sai Sri said financial institutions must go beyond merely reporting fraud. “Don’t just report fraud; stop it at the source,” she said.Rushi Mehta of the Indian Cyber Crime Coordination Centre (I4C) joined virtually and explained payout mechanisms and API compromises.TGCSB advised financial institutions to conduct regular Vulnerability Assessment and Penetration Tests (VAPTs), secure payment APIs, and deploy real-time fraud detection systems, velocity checks and transaction limits.“If attacked, switch to manual mode, shut down automated disbursements, have banks freeze accounts, and restart only after systems are patched,” TGCSB said.Suspected fraud should be reported immediately via helpline 1930 or at www.cybercrime.gov.in, while cyber incidents must be reported to CERT-In within six hours.
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