Govt asks banks, fintechs to gear up for deepfake threat

The government has asked banks to be prepared for the risk of deepfake clips, where voices are cloned to deceive people. Banks need to include cyber risks in stress tests to assess their vulnerability. This is already being done by banks in Europe and Singapore. Financial services secretary Vivek Joshi emphasized the importance of upgrading tools to protect against emerging threats. He also highlighted the need for a new cycle of private investment. Joshi believes that the rupee will be the least volatile major currency in 2023.

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