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AI-based cyber threat executing unauthorised fund transfers from banking firms: Cert-In

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AI-based cyber threat executing unauthorised fund transfers from banking firms: Cert-In

Business News Tech AI AI-based cyber threat executing unauthorised fund transfers from banking firms: Cert-In

The Indian Computer Emergency Response Team (Cert-In) has named the incident "Crafty Falcon", which uses publicly available AI tools to execute complete attack chains autonomously at machine speed and generate and refine large numbers of tailored attack scripts in rapid succession.

New Delhi, Amid incidents of unauthorised fund transfers from bank accounts, India's cybersecurity watchdog Cert-In has issued an advisory to banking and financial services institutions to remain vigilant at all levels, as the threat of such breaches remains unabated. The Indian Computer Emergency Response Team (Cert-In) has named the incident " Crafty Falcon ", which uses publicly available AI tools to execute complete attack chains autonomously at machine speed and generate and refine large numbers of tailored attack scripts in rapid succession. Cert-In said that its fresh advisory is an update to its advisory issued on October 9 on "Threat Actors Exploiting Payment and Disbursement APIs for Unauthorized Fund Transfers in BFSI Entities."

Cert-In said that continued analysis of incidents reported by affected entities, including non-banking financial companies (NBFCs), digital lending platforms, fintech entities, payment aggregators, payment service providers and cryptocurrency exchanges or virtual digital asset service providers, has revealed a significant escalation of this campaign. Computer Security Incident Response Team - Finance (CSIRT-Fin) under CERT-In has designated the threat actor responsible for this campaign as "CRAFTY FALCON": an AI-assisted financial threat actor that surveys its targets with machine intelligence, operates at machine speed and strikes by invoking the victim's own payment and disbursement APIs.


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