Need for a legal & regulatory framework to combat AI-driven cybercrimes

Mumbai, Sep 22

There is urgent need for a comprehensive legal and regulatory framework to combat AI-driven cybercrimes and digital fraud, feel the experts.

AI, Cybersecurity, and Fraud Prevention Take Centre Stage at BFSI 360° Knowledge Series 2025–26 Hosted by PHDCCI & IIBF.

The PHD Chamber of Commerce and Industry (PHDCCI), in collaboration with the Indian Institute of Banking & Finance (IIBF) as Knowledge Partner, successfully hosted the 1st Edition of the BFSI 360° Knowledge Series 2025–26 at PHD House, New Delhi.

With the theme “Cybersecurity, Fraud Management & Digital Trust in the AI Age”, the program brought together eminent leaders and experts from the banking and financial services sector to deliberate on emerging challenges, regulatory imperatives, and opportunities in the digital era.

The series is envisioned as a national knowledge-sharing platform to foster dialogue, awareness, and actionable insights for strengthening resilience, compliance, and innovation across the BFSI ecosystem.

The session featured thought-provoking presentations and special addresses from distinguished speakers:

Delivering the keynote address, Dr Pavan Duggal, Supreme Court Advocate & Global Cyber Law Authority.

underscored the urgent need for a comprehensive legal and regulatory framework to combat AI-driven cybercrimes and digital fraud. He called for proactive measures, including multi-factor authentication, encryption frameworks, employee awareness programs, and robust incident response strategies to strengthen digital trust.

Dr Narinder Kumar Bhasin, Zonal Head, IIBF

emphasized that “knowledge-sharing and capacity building are key to reducing vulnerabilities and fraud risks across the sector.”

Arun Rabra, Vice President & Head of Software Services, Manipal Business Solutions, stressed that “responsible adoption of AI is the most effective way to stay ahead of emerging threats.”

Dr Deepak Tandon, Distinguished Professor (Finance), IMS Ghaziabad, stated that “without robust fraud prevention mechanisms, the pace of digital banking adoption could be seriously compromised.”

Ambikanand Jha, General Manager & North India Head, UCO Bank, emphasized that “continuous staff training and customer awareness are critical safeguards against fraud.”

The deliberations covered a wide spectrum of critical issues, including AI-driven frauds, digital identity risks, compliance frameworks, advanced cybersecurity strategies, and building digital trust for BFSI 2.0.

In her closing remarks, Babeeta Sharma, Director, PHDCCI, emphasized the importance of industry collaboration, regulatory alignment, and academic partnerships in future-proofing the financial sector against fast-evolving threats, while seizing opportunities presented by AI and digital transformation.

EoM.