Cert-In, I4C warn financial firms of AI-driven cyberattacks, unauthorised fund transfers
The money transferred to mule accounts across banks is quickly moved or withdrawn through IMPS and NEFT
The Indian Computer Emergency Response Team (Cert-In) and the Indian Cyber Crime Coordination Centre (I4C) have issued two advisories to banks, non-banking financial companies (NBFCs) and fintech firms, warning of AI-driven cyberattacks leading to unauthorized fund transfers. These attacks exploit unpatched software and incorrectly configured internet-facing servers to gain access to financial institutions' systems.
Attackers then target automated fund-disbursement systems and application programming interfaces (APIs) to move the stolen money quickly through various channels. The attackers also delete records to hinder investigations. Cert-In's November 4 advisory identified the threat actor as "CRAFTY FALCON" and described the use of publicly available AI-based offensive security tools, such as ARTEX, PentAGI, Cairn, and CyberStrikeAI, which can generate customized attack scripts and carry out multi-stage attacks with minimal human intervention.
Both advisories urge institutions to implement stricter security measures, including daily and per-transaction limits, enhanced monitoring of cloud systems, and immediate reporting of cyber incidents to the appropriate authorities.
Written by urgent.news from Hindustan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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