DigiKavach: India’s anti financial frauds system

DigiKavach: India’s anti financial frauds system

With an aim for preventing financial frauds in India, International Tech giant Google has launched an initiative called ‘DigiKavach’. The tech giant has announced about the DigiKavach at the ninth edition of its annual Google for India event.

9^th Google India event:

The ninth edition of Google India event was held in Delhi.

At the event the fraud-prevention programme was unveiled.

This program is in line with the Google’s doubling down their efforts to protect people against ever-evolving financial scams and fraud.

DigiKavach:

According to the official information received from Google, DigiKavach is early threat detection and warning system. This system is designed to identify and study emerging financial fraud patterns before this cause ‘widespread harm.’

Under this, its teams will first study the methods and modus operandi of scammers, and follow it up by drawing insights to detect the threats early.

Finally, the teams will collaborate with a ‘wider ecosystem’ to cross-share insights effectively.

The tech giant has made collaboration with the Fintech Association for Consumer Empowerment (FACE) which the latter will flag potential threats ‘on priority.’

The programme is a part of Google’s consistent efforts for combating predatory digital lending apps on Play Store’ in the Asian nation.

The need for anti financial frauds system:

The security measure has come after the growing unease over a spurt in cyber crime, especially those involving financial frauds, such as instances of bank accounts being compromised and people being extorted by predatory loan apps.

Google launched a crackdown on such applications and made changes based on the experiences in India.

Use of artificial models:

Google has announced that it is going to use its artificial intelligence models, especially those around generative text, to assist Indians access information and business opportunity better.

Question & Answer:

Q1. Give the name of tech giant which launched DigiKavach to protect people against ever-evolving financial scams and fraud.

Ans. Google

Q2. With which association Google made collaboration for ‘DigiKavach’ initiative?

Ans. Fintech Association for Consumer Empowerment

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