#FactCheck - Digitally Altered Video of Olympic Medalist, Arshad Nadeem’s Independence Day Message

Introduction
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Generative AI, particularly deepfake technology, poses significant risks to security in the financial sector. Deepfake technology can convincingly mimic voices, create lip-sync videos, execute face swaps, and carry out other types of impersonation through tools like DALL-E, Midjourney, Respeecher, Murf, etc, which are now widely accessible and have been misused for fraud. For example, in 2024, cybercriminals in Hong Kong used deepfake technology to impersonate the Chief Financial Officer of a company, defrauding it of $25 million. Surveys, including Regula’s Deepfake Trends 2024 and Sumsub reports, highlight financial services as the most targeted sector for deepfake-induced fraud.

Deepfake Technology and Its Risks to Financial Systems

India’s financial ecosystem, including banks, NBFCs, and fintech companies, is leveraging technology to enhance access to credit for households and MSMEs. The country is a leader in global real-time payments and its digital economy comprises 10% of its GDP.  However, it faces unique cybersecurity challenges. According to the RBI’s 2023-24 Currency and Finance report, banks cite cybersecurity threats, legacy systems, and low customer digital literacy as major hurdles in digital adoption. Deepfake technology intensifies risks like:

• Social Engineering Attacks: Information security breaches through phishing, vishing, etc. become more convincing with deepfake imagery and audio.
• Bypassing Authentication Protocols: Deepfake audio or images may circumvent voice and image-based authentication systems, exposing sensitive data.
• Market Manipulation: Misleading deepfake content making false claims and endorsements can harm investor trust and damage stock market performance.
• Business Email Compromise Scams: Deepfake audio can mimic the voice of a real person with authority in the organization to falsely authorize payments.
• Evolving Deception Techniques: The usage of AI will allow cybercriminals to deploy malware that can adapt in real-time to carry out phishing attacks and inundate targets with increased speed and variations. Legacy security frameworks are not suited to countering automated attacks at such a scale.

Existing Frameworks and Gaps

In 2016, the RBI introduced cybersecurity guidelines for banks, neo-banking, lending, and non-banking financial institutions, focusing on resilience measures like Board-level policies, baseline security standards, data leak prevention, running penetration tests, and mandating Cybersecurity Operations Centres (C-SOCs). It also mandated incident reporting to the RBI for cyber events. Similarly, SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) applies to regulated entities (REs) like stock brokers, mutual funds, KYC agencies, etc., requiring policies, risk management frameworks, and third-party assessments of cyber resilience measures. While both frameworks are comprehensive, they require updates addressing emerging threats from generative AI-driven cyber fraud.

Cyberpeace Recommendations 

• AI Cybersecurity to Counter AI Cybercrime: AI-generated attacks can be designed to overwhelm with their speed and scale. Cybercriminals increasingly exploit platforms like LinkedIn, Microsoft Teams, and Messenger, to target people.  More and more organizations of all sizes will have to use AI-based cybersecurity for detection and response since generative AI is becoming increasingly essential in combating hackers and breaches.
• Enhancing Multi-factor Authentication (MFA):  With improving image and voice-generation/manipulation technologies, enhanced authentication measures such as token-based authentication or other hardware-based measures, abnormal behaviour detection, multi-device push notifications, geolocation verifications, etc. can be used to improve prevention strategies.  New targeted technological solutions for content-driven authentication can also be implemented.
• Addressing Third-Party Vulnerabilities: Financial institutions often outsource operations to vendors that may not follow the same cybersecurity protocols, which can introduce vulnerabilities. Ensuring all parties follow standardized protocols can address these gaps.
• Protecting Senior Professionals: Senior-level and high-profile individuals at organizations are at a greater risk of being imitated or impersonated since they hold higher authority over decision-making and have greater access  to sensitive information. Protecting their identity metrics through technological interventions is of utmost importance.
• Advanced Employee Training:  To build organizational resilience, employees must be trained to understand how generative and emerging technologies work. A well-trained workforce can significantly lower the likelihood of successful human-focused human-focused cyberattacks like phishing and impersonation.
• Financial Support to Smaller Institutions: Smaller institutions may not have the resources to invest in robust long-term cybersecurity solutions and upgrades. They require financial and technological support from the government to meet requisite standards.

Conclusion

According to The India Cyber Threat Report 2025 by the Data Security Council of India (DSCI) and Seqrite, deepfake-enabled cyberattacks, especially in the finance and healthcare sectors, are set to increase in 2025. This has the potential to disrupt services, steal sensitive data, and exploit geopolitical tensions, presenting a significant risk to the critical infrastructure of India. 

As the threat landscape changes,  institutions will have to continue to embrace AI and Machine Learning (ML) for threat detection and response. The financial sector must prioritize robust cybersecurity strategies, participate in regulation-framing procedures, adopt AI-based solutions, and enhance workforce training, to safeguard against AI-enabled fraud. Collaborative efforts among policymakers, financial institutions, and technology providers will be essential to strengthen defenses.

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Sources 

• https://sumsub.com/newsroom/deepfake-cases-surge-in-countries-holding-2024-elections-sumsub-research-shows/ 
• https://www.globenewswire.com/news-release/2024/10/31/2972565/0/en/Deepfake-Fraud-Costs-the-Financial-Sector-an-Average-of-600-000-for-Each-Company-Regula-s-Survey-Shows.html 
• https://www.sipa.columbia.edu/sites/default/files/2023-05/For%20Publication_BOfA_PollardCartier.pdf 
• https://edition.cnn.com/2024/02/04/asia/deepfake-cfo-scam-hong-kong-intl-hnk/index.html 
• https://www.rbi.org.in/Commonman/English/scripts/Notification.aspx?Id=1721 
• https://elplaw.in/leadership/cybersecurity-and-cyber-resilience-framework-for-sebi-regulated-entities/ 
• https://economictimes.indiatimes.com/tech/artificial-intelligence/ai-driven-deepfake-enabled-cyberattacks-to-rise-in-2025-healthcarefinance-sectors-at-risk-report/articleshow/115976846.cms?from=mdr 

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Executive Summary:

A video has gone viral that claims to show Hon'ble Minister of Home Affairs, Shri Amit Shah stating that the BJP-Led Central Government intends to end quotas for scheduled castes (SCs), scheduled tribes (STs), and other backward classes (OBCs). On further investigation, it turns out this claim is false as we found the original clip from an official source, while he delivered the speech at Telangana, Shah talked about falsehoods about religion-based reservations, with specific reference to Muslim reservations. It is a digitally altered video and thus the claim is false. 

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Claims:

The video which allegedly claims that the Hon'ble Minister of Home Affairs, Shri Amit Shah will be terminating the reservation quota systems of scheduled castes (SCs), scheduled tribes (STs)  and other backward classes (OBCs) if BJP government was formed again has been viral on social media platforms. 

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English Translation: If the BJP government is formed again we will cancel ST, SC reservations: Hon'ble Minister of Home Affairs, Shri Amit Shah

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Fact Check:

When the video was received we closely observed the name of the news media channel, and it was V6 News. We divided the video into keyframes and reverse searched the images. For one of the keyframes of the video, we found a similar video with the caption “Union Minister Amit Shah Comments Muslim Reservations | V6 Weekend Teenmaar” uploaded by the V6 News Telugu’s verified Youtube channel on April 23, 2023. Taking a cue from this, we also did some keyword searches to find any relevant sources. In the video at the timestamp of 2:38, Hon'ble Minister of Home Affairs, Shri Amit Shah talks about religion-based reservations calling ‘unconstitutional Muslim Reservation’ and that the Government will remove it.

Further, he talks about the SC, ST, and OBC reservations having full rights for quota but not the Muslim reservation. 

While doing the reverse image, we found many other videos uploaded by other media outlets like ANI, Hindustan Times, The Economic Times, etc about ending Muslim reservations from Telangana state, but we found no such evidence that supports the viral claim of removing SC, ST, OBC quota system. After further analysis for any sign of alteration, we found that the viral video was edited while the original information is different. Hence, it’s misleading and false.

Conclusion:

The video featuring the Hon'ble Minister of Home Affairs, Shri Amit Shah announcing that they will remove the reservation quota system of SC, ST and OBC if the new  BJP government is formed again in the ongoing Lok sabha election, is debunked.  After careful analysis, it was found that the video was fake and was created to misrepresent the actual statement of Hon'ble Minister of Home Affairs, Shri Amit Shah. The original footage surfaced on the V6 News Telugu YouTube channel, in which Hon'ble Minister of Home Affairs, Shri Amit Shah was explaining about religion-based reservations, particularly Muslim reservations in Telangana. Unfortunately, the fake video was false and Hon'ble Minister of Home Affairs, Shri Amit Shah did not mention the end of SC, ST, and OBC reservations.

• Claim: The viral video covers the assertion of Hon'ble Minister of Home Affairs, Shri Amit Shah that the BJP government will soon remove reservation quotas for scheduled castes (SCs), scheduled tribes (STs), and other backward classes (OBCs).
• Claimed on:  X (formerly known as Twitter)
• Fact Check:  Fake & Misleading

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Executive Summary:

A manipulated image showing someone making an offensive gesture towards Prime Minister Narendra Modi is circulating on social media. However, the original photo does not display any such behavior towards the Prime Minister. The CyberPeace Research Team conducted an analysis and found that the genuine image was published in a Hindustan Times article in May 2019, where no rude gesture was visible. A comparison of the viral and authentic images clearly shows the manipulation. Moreover, The Hitavada also published the same image in 2019. Further investigation revealed that ABPLive also had the image.

Claims:

A picture showing an individual making a derogatory gesture towards Prime Minister Narendra Modi is being widely shared across social media platforms.

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Fact Check:

Upon receiving the news, we immediately ran a reverse search of the image and found an article by Hindustan Times, where a similar photo was posted but there was no sign of such obscene gestures shown towards PM Modi.

ABP Live and The Hitavada also have the same image published on their website in May 2019. 

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Comparing both the viral photo and the photo found on official news websites, we found that almost everything resembles each other except the derogatory sign claimed in the viral image.

With this, we have found that someone took the original image, published in May 2019, and edited it with a disrespectful hand gesture, and which has recently gone viral across social media and has no connection with reality.

Conclusion:

In conclusion, a manipulated picture circulating online showing someone making a rude gesture towards Prime Minister Narendra Modi has been debunked by the Cyberpeace Research team. The viral image is just an edited version of the original image published in 2019. This demonstrates the need for all social media users to check/ verify the information and facts before sharing, to prevent the spread of fake content. Hence the viral image is fake and Misleading.

• Claim: A picture shows someone making a rude gesture towards Prime Minister Narendra Modi
• Claimed on: X, Instagram
• Fact Check: Fake & Misleading

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