Cyber-enabled Fraud: India's Top Digital Risk, Warns WEF's Akshay Joshi

• Akshay Joshi, Head of WEF's Centre for Cybersecurity, identifies cyber-enabled fraud as India's most urgent digital threat.
• The fraud impacts both individuals and enterprises, with 73% of survey respondents having experienced or known someone affected.
• India has lost approximately Rs 53,000 crore to fraud in the last six years, even before widespread AI deployment.
• Joshi warns that AI's accessibility to malicious actors could significantly increase the speed and sophistication of fraud.
• He emphasizes integrating cybersecurity as a priority while embracing AI, especially with India's nearly one billion internet users.

Why It Matters: Cyber-enabled fraud is India's most pressing digital risk, exacerbated by AI, requiring urgent cybersecurity focus.