New year is typically the time to make financial resolutions. When you make resolutions, the ask is from yourself. This time, again, I have some asks—not from myself, but from technology practitioners and creators, and you dear reader.
Artificial intelligence (AI) and machine learning (ML) have been at the helm of many technological innovations in the last few years. Many more innovations must be on their way, but the need of the hour is fraud detection. For instance, our phones flash spam numbers, but more than once in a day the tele-callers beat the AI with new numbers and WhatsApp messages. The spam section in our emails is available precisely to push fraudulent messages out of our view, but every now and then, a suspicious email lands in our main inbox.
Technology is doing its bit because we are seeing ‘Suspected Spam’ being flashed on our screens and much reduced number of fraudulent emails. But what if these irritants could be completely eliminated? It is calls and messages that, typically, trigger most instances of fraud. Automating fraud detection at various points of contact is my first ask from technology practitioners.
1 July 2025
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The second ask is the need for technology and humans to find common ground for best results. Let me explain with an example. Financial advice is now becoming AI-driven, something that a lot of people are now swearing by. But what it sorely misses is the personal touch of an advisor. For instance, a robo advisor may show that returns from equity products are better than that of real estate over several periods, but the AI may not understand the emotional priority and appeal that a house of one’s own has for most people. An advisor would understand that and chalk your plans accordingly, looking at assets not just from the lens of returns, but also emotional security where it’s warranted.
Coming to think of it, fraudsters have fused technology with use of emotions like greed and fear very effectively. Now that people have become conscious about OTP and PIN scams, they have moved over to other innovative ways, such as the so-called digital arrests and voice cloning.
How? Let’s look at digital arrests, where fraudsters impersonate as a police officer, government officer or any other person with authority. They involve fraudulent documents sent online, such as an FIR copy, but at the same time what kind of legitimises it—in the eyes of the victims—is the human voice of authority on the other end, inciting fear through its tone and tenor. Maybe there’s at least something to learn from the fraudsters. They blend technology with genuine-sounding human touch. In such cases, they play on the emotion of fear. Fraudsters also play on the emotion of greed when they entice people with abnormally high returns or benefits.
My third ask is from you. Even if you find it burdensome, I would ask you to be more vigilant, more aware about those calls and messages, rather than getting overwhelmed. Technological advancements can empower anyone, including fraudsters. Any conversation that leads to: “give me your password/Aadhaar/identification” or “transfer X amount to Y account” or “if you don’t transfer the money immediately, something bad will happen to you” should make you cautious. If it worries you and you like to play safe, verify identities and cases from your local police station, ask counter questions, or discuss with friends and family to get to the bottom of it. Persistent callers should be reported.
So will you consider my ask?
