#FactCheck - Debunking Viral Photo: Tears of Photographer Not Linked to Ram Mandir Opening

Executive Summary:

A number of false information is spreading across social media networks after the users are sharing the mistranslated video with Indian Hindus being congratulated by Italian Prime Minister Giorgia Meloni on the inauguration of Ram Temple in Ayodhya under Uttar Pradesh state. Our CyberPeace Research Team’s investigation clearly reveals that those allegations are based on false grounds. The true interpretation of the video that actually is revealed as Meloni saying thank you to those who wished her a happy birthday.

Claims:

A X (Formerly known as Twitter) user’ shared a 13 sec video where Italy Prime Minister Giorgia Meloni speaking in Italian and user claiming to be congratulating India for Ram Mandir Construction, the caption reads, 

“Italian PM Giorgia Meloni Message to Hindus for Ram Mandir #RamMandirPranPratishta. #Translation : Best wishes to the Hindus in India and around the world on the Pran Pratistha ceremony. By restoring your prestige after hundreds of years of struggle, you have set an example for the world. Lots of love.”

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Fact Check:

The CyberPeace Research team tried to translate the Video in Google Translate. First, we took out the transcript of the Video using an AI transcription tool and put it on Google Translate; the result was something else.

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The Translation reads, “Thank you all for the birthday wishes you sent me privately with posts on social media, a lot of encouragement which I will treasure, you are my strength, I love you.”

With this we are sure that it was not any Congratulations message but a thank you message for all those who sent birthday wishes to the Prime Minister. 

We then did a reverse Image Search of frames of the Video and found the original Video on the Prime Minister official X Handle uploaded on 15 Jan, 2024 with caption as, “Grazie. Siete la mia” Translation reads, “Thank you. You are my strength!”

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Conclusion:

The 13 Sec video shared by a user had a great reach at X as a result many users shared the Video with Similar Caption. A Misunderstanding starts from one Post and it spreads all. The Claims made by the X User in Caption of the Post is totally misleading and has no connection with the actual post of Italy Prime Minister Giorgia Meloni speaking in Italian. Hence, the Post is fake and Misleading.

• Claim:  Italian Prime Minister Giorgia Meloni congratulated Hindus in the context of Ram Mandir
• Claimed on: X
• Fact Check: Fake

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Introduction

In the age of advanced technology, Cyber threats continue to grow, and so are the cyber hubs. A new name has been added to the cyber hub, Purnia, a city in India, is now evolving as a new and alarming menace-biometric cloning and financial crimes. This emerging cyber threat involves replicating an individual’s biometric data, such as fingerprint or facial recognition, to gain unauthorised access to their bank accounts and carry out fraudulent activities. In this blog, we will have a look at the methods employed, the impact on individuals and institutions, and the necessary steps to mitigate the risk.

The Backdrop

Purnia, a bustling city in the state of Bihar, India, is known for its rich cultural heritage, However, underneath its bright appearance comes a hidden danger—a rising cyber threat with the potential to devastate its citizens’ financial security. Purnia has seen the growth of a dangerous trend in recent years, such as biometric cloning for financial crimes, after several FIRs were registered with Kasba and Amaur police stations. The Police came into action and started an investigation.

Modus Operandi unveiled

The modus Operandi of cyber criminals includes hacking into databases, intercepting data during transactions, or even physically obtaining fingerprints of facial images from objects or surfaces. Let’s understand how they gathered all this data and why Bihar was not targeted.

These criminals are way smart they operate in the three states. They targeted and have open access to obtain registry and agreement paperwork from official websites, albeit it is not available online in Bihar. As a result, the scam was conducted in other states rather than Bihar; further, the fraudsters were involved in downloading the fingerprints, biometrics, and Aadhaar numbers of buyers and sellers from the property registration documents of Andhra Pradesh, Haryana, and Telangana.

After Cloning fingerprints, the fraudster withdrew money after linking with Aadhaar Enabled Payment System (AEPS) from various bank accounts. The fraudsters stamped the fingerprint on rubber trace paper and utilised a polymer stamp machine and heating at a specific temperature with a chemical to make duplicate fingerprints used in unlawful financial transactions from several consumers’ bank accounts.

Investigation Insight

After the breakthrough, the police teams recovered a large number of smartphones, ATM cards, rubber stamps of fingerprints, Aadhar numbers, scanners, Stamp machines, laptops, and chemicals, and along with this, 17 people were arrested.

During the investigation, it was found that the cybercriminals employ Sophisticated money laundering techniques to obscure the illicit origins of the stolen funds. The fraudsters transfer money into various /multiple accounts or use cryptocurrency. Using these tactics makes it more challenging for authorities to trace back money and get it back.

Impact of biometric Cloning scam

The Biometric scam has far-reaching implications both for society, Individuals, and institutions. These kinds of scams cause financial losses and create emotional breakdowns, including anger, anxiety, and a sense of violation. This also broke the trust in a digital system.

It also seriously impacts institutions. Biometric cloning frauds may potentially cause severe reputational harm to financial institutions and organisations. When clients fall prey to such frauds, it erodes faith in the institution’s security procedures, potentially leading to customer loss and a tarnished reputation. Institutions may suffer legal and regulatory consequences, and they must invest money in investigating the incident, paying victims, and improving their security systems to prevent similar instances.

Raising Awareness

Empowering Purnia Residents to Protect Themselves from Biometric Fraud: Purnia must provide its inhabitants with knowledge and techniques to protect their personal information as it deals with the increasing issue of biometric fraud. Individuals may defend themselves from falling prey to these frauds by increasing awareness about biometric fraud and encouraging recommended practices. This blog will discuss the necessity of increasing awareness and present practical recommendations to help Purnia prevent biometric fraud. Here are some tips that one can follow;

• Securing personal Biometric data: It is crucial to safeguard personal biometric data. Individuals should be urged to secure their fingerprints, face scans, and other biometric information in the same way that they protect their passwords or PINs. It is critical to ensure that biometric data is safely maintained and shared with only trustworthy organisations with strong security procedures in place.
• Verifying Service providers: Residents should be vigilant while submitting biometric data to service providers, particularly those providing financial services. Before disclosing any sensitive information, it is important to undertake due diligence and establish the validity and reliability of the organisation. Checking for relevant certificates, reading reviews, and getting recommendations can assist people in making educated judgments and avoiding unscrupulous companies.
• Personal Cybersecurity: Individuals should implement robust cybersecurity practices to reduce the danger of biometric fraud. This includes using difficult and unique passwords, activating two-factor authentication, upgrading software and programs on a regular basis, and being wary of phishing efforts. Individuals should also refrain from providing personal information or biometric data via unprotected networks or through untrustworthy sources.
• Educating the Elderly and Vulnerable Groups: Special attention should be given to educating the elderly and other vulnerable groups who may be more prone to scams. Awareness campaigns may be modified to their individual requirements, emphasising the significance of digital identities, recognising possible risks, and seeking help from reliable sources when in doubt. Empowering these populations with knowledge can help keep them safe from biometric fraud.

Measures to Stay Ahead

As biometric fraud is a growing concern, staying a step ahead is essential. By following these simple steps, one can safeguard themselves.

• Multi-factor Authentication: MFA is one of the best methods for security. MFA creates multi-layer security or extra-layer security against unauthorised access. MFA incorporates a biometric scan and a password.
• Biometric Encryption: Biometric encryption securely stores and transmits biometric data. Rather than keeping raw biometric data, encryption methods transform it into mathematical templates that cannot be reverse-engineered. These templates are utilised for authentication, guaranteeing that the original biometric information is not compromised even if the encrypted data is.
• AI and Machine Learning (ML): AI and ML technologies are critical in detecting and combating biometric fraud. These systems can analyse massive volumes of data in real-time, discover trends, and detect abnormalities. Biometric systems may continually adapt and enhance accuracy by employing AI and ML algorithms, boosting their capacity to distinguish between legitimate users and fraudulent efforts.

Conclusion

The Biometric fraud call needs immediate attention to protect the bankers from the potential consequences. By creating awareness, we can save ourselves; additionally, by working together, we can create a safer digital environment. The use of biometric verification was inculcated to increase factor authentication for a banker. However, we see that the bad actors have already started to bypass the tech and even wreak havoc upon the netizens by draining their accounts of their hard-earned money. The banks and the cyber cells nationwide need to work together in synergy to increase awareness and safety mechanisms to prevent such cyber crimes and create effective and efficient redressal mechanisms for the citizens.

Reference

https://www.hindustantimes.com/cities/patna-news/purnia-emerges-as-cyber-fraud-hotspot-as-biometric-data-used-for-online-swindling-police-arrest-17-and-recover-cloning-equipment-1016841669436

According to Statista, the number of users in India's digital assets market is expected to reach 107.30m users by 2025 (Impacts of Inflation on Financial Markets, August 2023). India's digital asset market has been experiencing exponential growth fueled by the increased adoption of cryptocurrencies and blockchain technology. This furthers the need for its regulation. Digital assets include cryptocurrencies, NFTs, asset-backed tokens, and tokenised real estate. 

India has defined Digital Assets under Section 47(A) of the Income Tax Act, 1961. The Finance Act 2022-23 has added the word 'virtual' to make it “Virtual Digital Assets”. A “virtual digital asset” is any information or code, number, or token, created through cryptographic methods or otherwise, by any name, giving a digital representation of value exchanged with or without consideration. A VDA should contain an inherent value and represent a store of value or unit of account, functional in any financial transaction or investment. These can be stored,  transferred, or traded in electronic format. 

Digital Asset Governance: Update and Future Outlook

Indian regulators have been conservative in their approach towards digital assets, with the Reserve Bank of India first issuing directions against cryptocurrency transactions in 2018. This ban was removed by the Supreme Court through a court order in 2020. The presentation of the Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is a fairly important milestone in its attempts to lay down the framework for issuing an official digital currency by the Reserve Bank of India. While some digital assets seem to have potential, like the Central Bank Digital Currencies (CBDCs) and blockchain-based financial applications, a blanket prohibition has been enforced on private cryptocurrencies.

However, in more recent trends, the landscape is changing as the RBI's CBDC is to provide a state-backed digital alternative to cash under a more structured regulatory framework. This move seeks to balance state control with innovation on investor safety and compliance, expecting to reduce risk and enhance security for investors by enacting strict anti-money laundering and know-your-customer laws. Highlighting these developments is important to examine how global regulatory trends influence India's digital asset policies.

Impact of Global Development on India’s Approach 

Global regulatory developments have an impact on Indian policies on digital assets. The European Union's Markets in Crypto-assets (MiCA) is to introduce a comprehensive regulatory framework for cryptocurrencies that could act as an inspiration for India. MiCA regulation covers crypto-assets that are not currently regulated by existing financial services legislation. Its particular focus on consumer protection and market integrity resonates with India in terms of investigating needs related to digital assets, including fraud and price volatility. Additionally, evolving policies in the US, such as regulating crypto exchanges and classifying certain tokens as securities, could also form the basis for India's regulatory posture.

Collaboration on the international level is also a chief contributing factor. India’s regular participation in global forums like the G20, facilitates an opportunity to align its regulations on digital assets with other countries, tending toward an even more standardised and predictable framework for cross-border transactions. This can significantly help India given that the nation  has a huge diaspora providing a critical inflow of remuneration.

CyberPeace Outlook

Though digital assets offer many opportunities to India, challenges also exist. Cryptocurrency volatility affects investors, posing concerns over fraud and illicit dealings. A balance between the need for innovation and investor protection is paramount to avoid killing the growth of India's digital asset ecosystem with overly restrictive regulations.

Financial inclusion, efficient cross-border payments with low transaction costs, and the opening of investment opportunities are a few opportunities offered by digital assets. For example, the tokenisation of real estate throws open real estate investment to smaller investors. To strengthen the opportunities while addressing challenges, some policy reforms and new frameworks might prove beneficial. 

CyberPeace Policy Recommendations

• Establish a regulatory sandbox for startups working in the area of blockchain and digital assets. This would allow them to test innovative solutions in a controlled environment with regulatory oversight minimising risks.
• Clear guidelines for the taxation of digital assets should be provided as they will ensure transparency, reduce ambiguity for investors, and promote compliance with tax regulations. Specific guidelines can be drawn from the EU's MiCA regulation.  
• Workshops, online resources, and campaigns are some examples of initiatives aimed at improving consumer awareness about digital assets, benefits and associated risks that should be implemented. Partnerships with global fintech firms will provide a great opportunity  to learn best practices.

Conclusion

India is positioned at a critical juncture with respect to the debate on digital assets. The challenge which lies ahead is one of balancing innovation with effective regulation. The introduction of the Central Bank Digital Currency (CBDC) and the development of new policies signal a willingness on the part of the regulators to embrace the digital future. In contrast, issues like volatility, fraud, and regulatory compliance continue to pose hurdles. By drawing insights from global frameworks and strengthening ties through international forums, India can pave the way for a secure and dynamic digital asset ecosystem. Embracing strategic measures such as regulatory sandboxes and transparent tax guidelines will not only protect investors but also unlock the immense potential of digital assets, propelling India into a new era of financial innovation and inclusivity.

References

• https://www.weforum.org/agenda/2024/10/different-countries-navigating-uncertainty-digital-asset-regulation-election-year/ 
• https://www.acfcs.org/eu-passes-landmark-crypto-regulation 
• https://www.indiabudget.gov.in/budget2022-23/doc/Finance_Bill.pdf 
• https://www.weforum.org/agenda/2024/10/different-countries-navigating-uncertainty-digital-asset-regulation-election-year/
• https://www3.weforum.org/docs/WEF_Digital_Assets_Regulation_2024.pdf 

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