India’s cybersecurity agency, CERT-In, has warned about a growing cyberattack campaign targeting Indian financial companies, including fintech firms, non-banking financial companies (NBFCs) and cryptocurrency exchanges.According to the warning issued by CERT-In, the hacking campaign, identified as “Crafty Falcon”, uses artificial intelligence (AI) tools to carry out cyberattacks more quickly and efficiently. Hackers reportedly use these tools to identify security weaknesses, gain access to computer systems and carry out unauthorised financial transactions.The attackers are reportedly targeting payment systems and money-transfer networks used by financial institutions. They are also timing their attacks during weekends and public holidays, when fewer employees may be monitoring suspicious activities.CERT-In has identified four AI-powered hacking tools, including ARTEX, PentAGI, Cairn and CyberStrikeAI. Security researchers have linked at least two of these tools to China, although the agency has not confirmed who is responsible for the attacks.
The warning comes after several cybersecurity incidents involving Indian financial institutions. These include unauthorised money transfers from accounts connected to two non-bank lenders and reports of customer information being leaked online.The agency has also warned that companies that fail to completely fix security weaknesses could face repeated attacks.This development highlights the growing risks of artificial intelligence being misused for financial crimes. Experts say banks and financial companies must strengthen their digital security systems, regularly update software, monitor transactions and protect customer information.Customers are also advised to avoid suspicious links, never share OTPs or banking passwords and immediately report unfamiliar transactions.As India’s digital payment system continues to expand, protecting financial information and online transactions has become increasingly important.
