FutureCrime Summit 2026: Digital Payments Security & BFSI Fraud Prevention Insights

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During the FutureCrime Summit 2026, a panel discussion resumed following the lunch break, addressing critical issues in digital payments security and fraud prevention within the BFSI sector.

Panel Discussion Overview

The session, led by Dr. Ramkumari Harisankar Iyer, CIO and AI Security Governance Director at Reliscale Consulting Pvt. Ltd., explored the evolving challenges of protecting digital transactions. The conversation highlighted vulnerabilities in real-time payment systems, cross-agency intelligence collaboration, and the exploitation of at-risk populations.

Shift to Real-Time Payment Systems

The shift from traditional batch-processed banking transactions to high-speed real-time payment networks has introduced significant fraud management complexities. These systems process large volumes of low-latency transfers, necessitating continuous real-time risk assessment models. Such frameworks must identify fraudulent activity swiftly without disrupting transaction speed or user experience.

Technical Security Requirements

Shishir Sarkar, Enterprise Architect and Vice President at Deutsche Bank, outlined the technical security requirements for real-time payment rails like IMPS, NEFT, and UPI. He emphasized that while these systems enhance financial accessibility, their rapid processing leaves institutions with mere milliseconds to analyze behavioral data, detect anomalies, and halt fraudulent transactions. This must occur without compromising the seamless user experience expected in modern digital banking.

Institutional Risk Management Strategies

Aarun Shankar Chandrasekaran, Head of Risk & Compliance at Aditya Birla Capital Digital, discussed institutional risk management strategies. He focused on how government-led regulatory platforms are reshaping fraud prevention practices.

Legal and Regulatory Frameworks

Divyam Agarwal, Associate Partner at JSA, addressed legal and regulatory frameworks governing financial cybercrime. He noted that threat actors frequently bypass technical safeguards by leveraging psychological manipulation, such as coercive “digital arrest” schemes. Agarwal highlighted India’s comprehensive legal structure, including the Information Technology Act, Bharatiya Nyaya Sanhita (BNS), Payment and Settlement Systems Act, and Supreme Court directives. However, he pointed out that regulatory, financial, and enforcement agencies often operate in isolated departments, hindering timely asset recovery.

Collaborative Fraud Mitigation Strategies

Mehnaz Perveen, Vice President of Trust & Safety (LERT) at Paytm, emphasized the need for collaborative fraud mitigation strategies. She stressed that the growing scale of payment scams requires a multi-stakeholder approach, combining real-time data integration and coordination between banks, fintech platforms, and telecom providers.

Law Enforcement Perspective

Dr. Rakshit Tandon, Consultant at Cyber Crime HQ, UP Police, and International Cyber Expert, provided a law enforcement perspective. He warned about the widespread misuse of compromised personal data, particularly targeting senior citizens and pensioners. Criminals deploy malicious Android Package (APK) files and fraudulent pension verification schemes, exploiting technical vulnerabilities. Tandon noted that while criminal networks adapt quickly to security gaps, law enforcement faces delays due to jurisdictional and procedural constraints.

Panel Recommendations

The panel concluded with a unified recommendation for real-time inter-agency data sharing, dismantling regulatory silos, and implementing proactive AI-driven defenses. These measures aim to strengthen India’s digital economy against emerging threats in the financial sector.

According to the panel, the integration of real-time data sharing and AI-driven defenses is critical for combating evolving fraud threats in the BFSI sector.