#Fact Check-Misleading Newspaper from Kerala stating ban on paper currency
Executive Summary:
Recently, our team came across a widely circulated post on X (formerly Twitter), claiming that the Indian government would abolish paper currency from February 1 and transition entirely to digital money. The post, designed to resemble an official government notice, cited the absence of advertisements in Kerala newspapers as supposed evidence—an assertion that lacked any substantive basis
Claim:
The Indian government will ban paper currency from February 1, 2025, and adopt digital money as the sole legal tender to fight black money.
Fact Check:
The claim that the Indian government will ban paper currency and transition entirely to digital money from February 1 is completely baseless and lacks any credible foundation. Neither the government nor the Reserve Bank of India (RBI) has made any official announcement supporting this assertion.
Furthermore, the supposed evidence—the absence of specific advertisements in Kerala newspapers—has been misinterpreted and holds no connection to any policy decisions regarding currency
During our research, we found that this was the prediction of what the newspaper from the year 2050 would look like and was not a statement that the notes will be banned and will be shifted to digital currency.
Such a massive change would necessitate clear communication to the public, major infrastructure improvements, and precise policy announcements which have not happened. This false rumor has widely spread on social media without even a shred of evidence from its source, which has been unreliable and is hence completely false.
We also found a clip from a news channel to support our research by asianetnews on Instagram.
We found that the event will be held in Jain Deemed-to-be University, Kochi from 25th January to 1st February. After this advertisement went viral and people began criticizing it, the director of "The Summit of Future 2025" apologized for this confusion. According to him, it was a fictional future news story with a disclaimer, which was misread by some of its readers.
The X handle of Summit of Future 2025 also posted a video of the official statement from Dr Tom.
Conclusion:
The claim that the Indian government will discontinue paper currency by February 1 and resort to full digital money is entirely false. There's no government announcement nor any evidence to support it. We would like to urge everyone to refer to standard sources for accurate information and be aware to avoid misinformation online.
- Claim: India to ban paper currency from February 1, switching to digital money.
- Claimed On: X (Formerly Known As Twitter)
- Fact Check: False and Misleading
Related Blogs
Introduction
On May 21st, 2025, the Department of Telecommunications (DoT) launched the Financial Risk Indicator (FRI) feature, marking an important step towards safeguarding mobile phone users from the risks of financial fraud. This was developed as a part of the Digital Intelligence Platform (DIP), which facilitates coordination between stakeholders to curb the misuse of telecom services for conducting cyber crimes.
What is the Financial Risk Indicator (FRI)?
The FRI is a risk-based metric feature that categorises phone numbers into risk, medium risk, and high risk based on their association with financial fraud in the past. The data pool enabling this intelligence sharing includes the Digital Intelligence Unit (DIU) of the DoT, which engages and sends a list of Mobile Numbers that were disconnected (Mobile Number Revocation List - MNRL) to the following stakeholders, creating a network of checks and balances. They are:
- Intelligence from Non-Banking Finance Companies, and UPI (Unified Payment Interface) gateways.
- The Chakshu facility- a feature on the Sanchar Saathi portal that enables users to report suspected fraudulent communication (Calls, SMS, WhatsApp messages), which has also been roped in.
- Complaints from the National Cybercrime Reporting Portal (NCRP) through the I4C (Indian Cyber Coordination Center).
Some other initiatives taken up concerning securing against digital financial fraud are the Citizen Financial Cyber Fraud Reporting and Management System, the International Incoming Spoofed Calls Prevention System, among others.
A United Stance
The ease of payment and increasing digitisation might have enabled the increasing usage of UPI platforms. However, post-adoption, the responsibility of securing the digital payments infrastructure becomes essential. As per a report by CNBC TV18, UPI fraud cases surged by 85% in FY24. The number of incidents have increased from 7.25 lakh in FY23 to 13.42 lakh in FY24. These cases involved a total value of ₹1,087 crore, compared to ₹573 crore in the previous year, and the number continues to increase.
Nevertheless, UPI platforms are taking their own initiative to combat such crimes. PhonePe, one of the most used digital payment interface as of January 2025 (Statista) has already incorporated the FRI into its PhonePe Protect feature; this blocks transactions with high-risk numbers and issues a warning prior to engaging with numbers that are categorised to be of medium risk.
CyberPeace Insights
The launch of a feature addressing the growing threat of financial fraud is crucial for creating a network of stakeholders to coordinate with law enforcement to better track and prevent crimes. Publicity of these measures will raise public awareness and keep end-users informed. A secure infrastructure for digital payments is necessary in this age, with a robust base mechanism that can adapt to both current and future threats.
References
- https://www.thehawk.in/news/economy-and-business/centre-launches-financial-fraud-risk-indicator-to-safeguard-mobile-users
- https://telanganatoday.com/government-launches-financial-fraud-risk-indicator-to-safeguard-mobile-users
- https://www.pib.gov.in/PressReleasePage.aspx?PRID=2130249#:~:text=What%20is%20the%20%E2%80%9CFinancial%20Fraud,High%20risk%20of%20financial%20fraud
- https://www.business-standard.com/industry/news/dot-launches-financial-fraud-risk-indicator-to-aid-cybercrime-detection-125052101912_1.html
- https://www.cnbctv18.com/business/finance/upi-fraud-cases-rise-85-pc-in-fy24-increase-parliament-reply-data-19514295.htm
- https://www.statista.com/statistics/1034443/india-upi-usage-by-platform/#:~:text=In%20January%202025%2C%20PhonePe%20held%20the%20highest,key%20drivers%20of%20UPI%20adoption%20in%20India
- https://telecom.economictimes.indiatimes.com/amp/news/policy/centre-notifies-draft-rules-for-delicensing-lower-6-ghz-band/121260887?nt
Executive Summary:
A viral online video claims visuals of a massive rally organised in Manipur for stopping the violence in Manipur. However, the CyberPeace Research Team has confirmed that the video is a deep fake, created using AI technology to manipulate the crowd into existence. There is no original footage in connection to any similar protest. The claim that promotes the same is therefore, false and misleading.
Claims:
A viral post falsely claims of a massive rally held in Manipur.
Fact Check:
Upon receiving the viral posts, we conducted a Google Lens search on the keyframes of the video. We could not locate any authentic sources mentioning such event held recently or previously. The viral video exhibited signs of digital manipulation, prompting a deeper investigation.
We used AI detection tools, such as TrueMedia and Hive AI Detection tool, to analyze the video. The analysis confirmed with 99.7% confidence that the video was a deepfake. The tools identified "substantial evidence of manipulation," particularly in the crowd and colour gradience , which were found to be artificially generated.
Additionally, an extensive review of official statements and interviews with Manipur State officials revealed no mention of any such rally. No credible reports were found linking to such protests, further confirming the video’s inauthenticity.
Conclusion:
The viral video claims visuals of a massive rally held in Manipur. The research using various tools such as truemedia.org and other AI detection tools confirms that the video is manipulated using AI technology. Additionally, there is no information in any official sources. Thus, the CyberPeace Research Team confirms that the video was manipulated using AI technology, making the claim false and misleading.
- Claim: Massive rally held in Manipur against the ongoing violence viral on social media.
- Claimed on: Instagram and X(Formerly Twitter)
- Fact Check: False & Misleading
Introduction
Cybercrimes have been traversing peripheries and growing at a fast pace. Cybercrime is known to be an offensive action that either targets or operates through a computer, a computer network or a networked device, according to Kaspersky. In the “Era of globalisation” and a “Digitally coalesced world”, there has been an increase in International cybercrime. Cybercrime could be for personal or political objectives. Nevertheless, Cybercrime aims to sabotage networks for motives other than gain and be carried out either by organisations or individuals. Some of the cybercriminals have no national boundaries and are considered a global threat. They are likewise inordinately technically adept and operate avant-garde strategies.
The 2023 Global Risk Report points to exacerbating geopolitical apprehensions that have increased the advanced persistent threats (APTs), which are evolving globally as they are ubiquitous. Christine Lagarde, the president of the European Central Bank and former head of the International Monetary Fund (IMF), in 2020 cautioned that a cyber attack could lead to a severe economic predicament. Contemporary technologies and hazardous players have grown at an exceptional gait over the last few decades. Also, cybercrime has heightened on the agenda of nation-states, establishments and global organisations, as per the World Economic Forum (WEF).
The Role of the United Nations Ad Hoc Committee
In two shakes, the United Nations (UN) has a major initiative to develop a new and more inclusive approach to addressing cybercrime and is presently negotiating a new convention on cybercrime. The following convention seeks to enhance global collaboration in the combat against cybercrime. The UN has a central initiative to develop a unique and more inclusive strategy for addressing cybercrime. The UN passed resolution 74/247, which designated an open-ended ad hoc committee (AHC) in December 2019 entrusted with setting a broad global convention on countering the use of information and Communication Technologies (ICTs) for illicit pursuits.
The Cybercrime treaty, if adopted by the UN General Assembly (UNGA) would be the foremost imperative UN mechanism on a cyber point. The treaty could further become a crucial international legal framework for global collaboration on arraigning cyber criminals, precluding and investigating cybercrime. There have correspondingly been numerous other national and international measures to counter the criminal use of ICTs. However, the UN treaty is intended to tackle cybercrime and enhance partnership and coordination between states. The negotiations of the Ad Hoc Committee with the member states will be completed by early 2024 to further adopt the treaty during the UNGA in September 2024.
However, the following treaty is said to be complex. Some countries endorse a treaty that criminalises cyber-dependent offences and a comprehensive spectrum of cyber-enabled crimes. The proposals of Russia, Belarus, China, Nicaragua and Cuba have included highly controversial recommendations. Nevertheless, India has backed for criminalising crimes associated with ‘cyber terrorism’ and the suggestions of India to the UN Ad Hoc committee are in string with its regulatory strategy in the country. Similarly, the US, Japan, the UK, European Union (EU) member states and Australia want to include core cyber-dependent crimes.
Nonetheless, though a new treaty could become a practical instrument in the international step against cybercrime, it must conform to existing global agencies and networks that occupy similar areas. This convention will further supplement the "Budapest Cybercrime Convention" on cybercrime that materialised in the 1990s and was signed in Budapest in the year 2001.
Conclusion
According to Cyber Security Ventures, global cybercrime is expected to increase by 15 per cent per year over the next five years, reaching USD 10.5 trillion annually by 2025, up from USD 3 trillion in 2015. The UN cybercrime convention aims to be more global. That being the case, next-generation tools should have state-of-the-art technology to deal with new cyber crimes and cyber warfare. The global crevasse in nation-states due to cybercrime is beyond calculation. It could lead to a great cataclysm in the global economy and threaten the political interest of the countries on that account. It is crucial for global governments and international organisations. It is necessary to strengthen the collaboration between establishments (public and private) and law enforcement mechanisms. An “appropriately designed policy” is henceforward the need of the hour.
References
- https://www.kaspersky.co.in/resource-center/threats/what-is-cybercrime
- https://www.cyberpeace.org/
- https://www.interpol.int/en/Crimes/Cybercrime
- https://www.bizzbuzz.news/bizz-talk/ransomware-attacks-on-startups-msmes-on-the-rise-in-india-cyberpeace-foundation-1261320
- https://www.financialexpress.com/business/digital-transformation-cyberpeace-foundation-receives-4-million-google-org-grant-3282515/
- https://www.chathamhouse.org/2023/08/what-un-cybercrime-treaty-and-why-does-it-matter
- https://www.weforum.org/agenda/2023/01/global-rules-crack-down-cybercrime/
- https://www.weforum.org/publications/global-risks-report-2023/
- https://www.imf.org/external/pubs/ft/fandd/2021/03/global-cyber-threat-to-financial-systems-maurer.htm
- https://www.eff.org/issues/un-cybercrime-treaty#:~:text=The%20United%20Nations%20is%20currently,of%20billions%20of%20people%20worldwide.
- https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
- https://www.coe.int/en/web/cybercrime/the-budapest-convention
- https://economictimes.indiatimes.com/tech/technology/counter-use-of-technology-for-cybercrime-india-tells-un-ad-hoc-group/articleshow/92237908.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
- https://consultation.dpmc.govt.nz/un-cybercrime-convention/principlesandobjectives/supporting_documents/Background.pdf
- https://unric.org/en/a-un-treaty-on-cybercrime-en-route/
