BRICS Members Call For Cooperation To Combat Digital Fraud, Push Coordinated AI Rules

The 18th BRICS Summit has successfully concluded in New Delhi on September 13, with discussions held around innovation, sustainability, and cooperation among member states, and all 11 member states of BRICS adopted the New Delhi Declaration. Alongside traditional discussions on trade and climate pledges, two other crucial global challenges, organised digital fraud and establishing global governance for artificial intelligence (AI) were also discussed in detail.

Member nations expressed grave concerns over the cross-border cybercrime and ‘scam compound’ that misuses digital technologies, payment infrastructure, and vulnerable people. These fraudulent activities use deceptive schemes, like fake investment platforms, romance scams, and fraudulent job offers, to extract funds from victims and then launder the proceeds through digital payment channels.

To dismantle these criminal networks, the declaration calls for cooperation among authorities, including law enforcement agencies, financial intelligence units, tax and customs authorities, supervisory bodies, and others. The declaration also asks the telecom providers and technology platforms to utilise data analytics to detect fraud, enhance information-sharing practices, and disrupt the money laundering mechanism at an earlier stage.

On the financial infrastructure, the BRICS leaders acknowledged the efforts to settle trades in local currency, but also recognised that it lacks a ‘one-size-fits-all’ approach, reported Hindustan Times. The focus on local currency trade settlement is aimed at reducing dependency on the US dollar; however, the initiative is still in an early stage. The member welcomes the creation of the BRICS Central Bank Hub for capacity building and improving financial sector resilience and, more importantly, conducting cybersecurity exercises annually.

While the declaration acknowledges that cross-border cybercrime is difficult to investigate without cooperation and joint efforts, a clear roadmap to achieve this cooperation remains unclear.

Besides cybercrime, AI adoption was prominently featured throughout the declaration, spanning from energy grids to tourism. Leaders pledged to implement the BRICS Leaders’ Statement on the Global Governance of AI, building upon the earlier discussions held at the AI Impact Summit in India and the World AI Conference in Shanghai.

The declaration flags that the financial sector requires rigorous monitoring against AI- and quantum computing–led risks, and advocates an approach that keeps emerging economies in the centre. It acknowledges AI as a driver for economic growth, provided the systems in the countries are equipped with safety, energy efficiency, and reliability. Thus, leaders emphasised global cooperation to build a fair and equitable future so that Global South countries are not left behind.