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Executive Summary:

Given that AI technologies are evolving at a fast pace in 2024, an AI-oriented phishing attack on a large Indian financial institution illustrated the threats. The documentation of the attack specifics involves the identification of attack techniques, ramifications to the institution, intervention conducted, and resultant effects. The case study also turns to the challenges connected with the development of better protection and sensibilisation of automatized threats. 

Introduction

Due to the advancement in AI technology, its uses in cybercrimes across the world have emerged significant in financial institutions. In this report a serious incident that happened in early 2024 is analysed, according to which a leading Indian bank was hit by a highly complex, highly intelligent AI-supported phishing operation. Attack made use of AI’s innate characteristic of data analysis and data persuasion which led into a severe compromise of the bank’s internal structures.

Background

The chosen financial institution, one of the largest banks in India, had a good background regarding the extremity of its cybersecurity policies. However, these global cyberattacks opened up new threats that AI-based methods posed that earlier forms of security could not entirely counter efficiently. The attackers concentrated on the top managers of the bank because it is evident that controlling such persons gives the option of entering the inner systems as well as financial information. 

Attack Execution

The attackers utilised AI in sending the messages that were an exact look alike of internal messages sent between employees. From Facebook and Twitter content, blog entries, and lastly, LinkedIn connection history and email tenor of the bank’s executives, the AI used to create these emails was highly specific. Some of these emails possessed official formatting, specific internal language, and the CEO’s writing; this made them very realistic. 

 It also used that link in phishing emails that led the users to a pseudo internal portal in an attempt to obtain the login credentials. Due to sophistication, the targeted individuals thought the received emails were genuine, and entered their log in details easily to the bank’s network, thus allowing the attackers access. 

Impact

It caused quite an impact to the bank in every aspect. Numerous executives of the company lost their passwords to the fake emails and compromised several financial databases with information from customer accounts and transactions. The break-in permitted the criminals to cease a number of the financial’s internet services hence disrupting its functions and those of its customers for a number of days. 

 They also suffered a devastating blow to their customer trust because the breach revealed the bank’s weakness against contemporary cyber threats. Apart from managing the immediate operations which dealt with mitigating the breach, the financial institution was also toppling a long-term reputational hit. 

Technical Analysis and Findings

1. The AI techniques that are used in generation of the phishing emails are as follows: 

•  The attack used powerful NLP technology, which was most probably developed using the large-scaled transformer, such as GPT (Generative Pre-trained Transformer). Since these models are learned from large data samples they used the examples of the conversation pieces from social networks, emails and PC language to create quite credible emails. 

 Key Technical Features: 

•  Contextual Understanding: The AI was able to take into account the nature of prior interactions and thus write follow up emails that were perfectly in line with prior discourse. 
•  Style Mimicry: The AI replicated the writing of the CEO given the emails of the CEO and then extrapolated from the data given such elements as the tone, the language, and the format of the signature line. 
•  Adaptive Learning: The AI actively adapted from the mistakes, and feedback to tweak the generated emails for other tries and this made it difficult to detect. 

2. Sophisticated Spear-Phishing Techniques

Unlike ordinary phishing scams, this attack was phishing using spear-phishing where the attackers would directly target specific people using emails. The AI used social engineering techniques that significantly increased the chances of certain individuals replying to certain emails based on algorithms which machine learning furnished. 

 Key Technical Features: 

•  Targeted Data Harvesting: Cyborgs found out the employees of the organisation and targeted messages via the public profiles and messengers were scraped. 
•  Behavioural Analysis: The latest behaviour pattern concerning the users of the social networking sites and other online platforms were used by the AI to forecast the courses of action expected to be taken by the end users such as clicking on the links or opening of the attachments. 
•  Real-Time Adjustments: These are times when it was determined that the response to the phishing email was necessary and the use of AI adjusted the consequent emails’ timing and content. 

3. Advanced Evasion Techniques

The attackers were able to pull off this attack by leveraging AI in their evasion from the normal filters placed in emails. These techniques therefore entailed a modification of the contents of the emails in a manner that would not be easily detected by the spam filters while at the same time preserving the content of the message. 

Key Technical Features: 

•  Dynamic Content Alteration: The AI merely changed the different aspects of the email message slightly to develop several versions of the phishing email that would compromise different algorithms. 
•  Polymorphic Attacks: In this case, polymorphic code was used in the phishing attack which implies that the actual payloads of the links changed frequently, which means that it was difficult for the AV tools to block them as they were perceived as threats. 
•  Phantom Domains: Another tactic employed was that of using AI in generating and disseminating phantom domains, that are actual web sites that appear to be legitimate but are in fact short lived specially created for this phishing attack, adding to the difficulty of detection. 

4. Exploitation of Human Vulnerabilities

This kind of attack’s success was not only in AI but also in the vulnerability of people, trust in familiar language and the tendency to obey authorities. 

Key Technical Features: 

•  Social Engineering: As for the second factor, AI determined specific psychological principles that should be used in order to maximise the chance of the targeted recipients opening the phishing emails, namely the principles of urgency and familiarity. 
•  Multi-Layered Deception: The AI was successfully able to have a two tiered approach of the emails being sent as once the targeted individuals opened the first mail, later the second one by pretext of being a follow up by a genuine company/personality. 

Response

On sighting the breach, the bank’s cybersecurity personnel spring into action to try and limit the fallout. They reported the matter to the Indian Computer Emergency Response Team (CERT-In) to find who originated the attack and how to block any other intrusion. The bank also immediately started taking measures to strengthen its security a bit further, for instance, in filtering emails, and increasing the authentication procedures. 

 Knowing the risks, the bank realised that actions should be taken in order to enhance the cybersecurity level and implement a new wide-scale cybersecurity awareness program. This programme consisted of increasing the awareness of employees about possible AI-phishing in the organisation’s info space and the necessity of checking the sender’s identity beforehand.

Outcome

Despite the fact and evidence that this bank was able to regain its functionality after the attack without critical impacts with regards to its operations, the following issues were raised. Some of the losses that the financial institution reported include losses in form of compensation of the affected customers and costs of implementing measures to enhance the financial institution’s cybersecurity. However, the principle of the incident was significantly critical of the bank as customers and shareholders began to doubt the organisation’s capacity to safeguard information in the modern digital era of advanced artificial intelligence cyber threats. 

 This case depicts the importance for the financial firms to align their security plan in a way that fights the new security threats. The attack is also a message to other organisations in that they are not immune from such analysis attacks with AI and should take proper measures against such threats.

Conclusion

The recent AI-phishing attack on an Indian bank in 2024 is one of the indicators of potential modern attackers’ capabilities. Since the AI technology is still progressing, so are the advances of the cyberattacks. Financial institutions and several other organisations can only go as far as adopting adequate AI-aware cybersecurity solutions for their systems and data. 

 Moreover, this case raises awareness of how important it is to train the employees to be properly prepared to avoid the successful cyberattacks. The organisation’s cybersecurity awareness and secure employee behaviours, as well as practices that enable them to understand and report any likely artificial intelligence offences, helps the organisation to minimise risks from any AI attack.

Recommendations

1. Enhanced AI-Based Defences: Financial institutions should employ AI-driven detection and response products that are capable of mitigating AI-operation-based cyber threats in real-time. 
2.  Employee Training Programs: CYBER SECURITY: All employees should undergo frequent cybersecurity awareness training; here they should be trained on how to identify AI-populated phishing. 
3.  Stricter Authentication Protocols: For more specific accounts, ID and other security procedures should be tight in order to get into sensitive ones. 
4.  Collaboration with CERT-In: Continued engagement and coordination with authorities such as the Indian Computer Emergency Response Team (CERT-In) and other equivalents to constantly monitor new threats and valid recommendations. 
5.  Public Communication Strategies: It is also important to establish effective communication plans to address the customers of the organisations and ensure that they remain trusted even when an organisation is facing a cyber threat. 

Through implementing these, financial institutions have an opportunity for being ready with new threats that come with AI and cyber terrorism on essential financial assets in today’s complex IT environments.

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Executive Summary:

‍The internet has become a hub for fraudsters, and a new fraudulent scheme has been circulating, stating a free 84-day recharge of ₹719 given by the Honourable Prime Minister Narendra Modi  in celebration of the BJP Government formation in 2024. This is yet another scam that uses tricks to lure the users, for instance by fake questionnaires, fake promises and the use of the Honourable Prime Minister Narendra Modi’s image to give a fake impression of legitimacy. The following blog post analyzes the scam and offers recommendations on how to recognize similar frauds and avoid them.

False Claim:

A viral link trending on various social media platforms states that Narendra Modi, the Honourable Prime Minister of India, is giving a free 84-day free recharge worth ₹719 to all users in India and this is an Election Bonus  in celebration of the BJP government formation in 2024.  The claim insists the users are required to click on the link (https://offerraj.in/Congress2024-Recharge/id=9jMiaeN1) and complete a questionnaire to get the offer.

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The Deceptive Scheme:

1. Mobile-Only Access:  The malicious link (https://offerraj.in/Congress2024-Recharge/id=9jMiaeN1) is designed to open only on mobile devices; this makes it easier for more people to be affected. 
2. Multiple Redirects: After clicking the link, the users are led through a sequence of other links in order to conceal the actual source of the deception, and probably a try of making it difficult to track the notorious activity.
3. Fake Comments & Images: First, the landing page contains a banner with the photo of India’s Honourable Prime-Minister Narendra Modi which gives the site’s visitors the impression of the official source. Also, fake comments can be made for the same reason, stating that the author has received a free recharge and supporting the so-called initiative.
4. Fake Prize Notifications: For instance, after responding to the questions in the questionnaire, users may be presented with messages such as ‘Congratulations, you have won a free recharge’; this further creates an impression of a genuine offer.
5. Social Sharing Requirement: To collect the so-called ‘prize’, the users are requested to share the link in the WhatsApp or other social networks, thus contributing to the spread of the scam.

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Analyzing the Fraudulent Campaign:

1. No Official Announcement: The internet and other social platforms are the only places where such an offer has been mentioned, and there is no official announcement from the Government or any other authorized body.
2. Multiple Redirects: After clicking the link, users are taken through multiple redirects to obfuscating the source of the deception and to trace the malicious activity. 
3. Suspicious Domain and Hosting: The campaign is hosted on a third-party domain (offerraj.in) instead of any official government website, raising suspicion about its authenticity.
4. Personal Data Collection: The questionnaire prompts users to provide personal information, which legitimate Government initiatives would not typically request through unofficial channels.
5. Insecure HTTP Link: The link provided is an insecure HTTP link, whereas legitimate government websites employ secure HTTPS encryption.

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Domain Analysis:

The actual url is hosted on a third party domain instead of the official website of the BJP or any Government website. This is the common way to deceive users into falling for a Phishing scam. Whois information reveals that the domain has been registered recently i.e on 28-03-2023 and the domain is registered with godaddy.com and state is from Rajasthan, India. Cybercriminals used Cloudflare technology to mask the actual IP address of the fraudulent website.

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• Domain Name: offerraj.in
• Registry Domain ID: D9483D0EB38264263958C9609D2DCEA70-IN
• Registrar WHOIS Server:
• Registrar URL: www.godaddy.com
• Updated Date: 2024-05-03T07:30:03Z
• Creation Date: 2023-03-28T04:33:12Z
• Registry Expiry Date: 2026-03-28T04:33:12Z
• Registrar: GoDaddy.com, LLC
• Registrar IANA ID: 146
• Registrant State/Province: Rajasthan
• Registrant Country: IN
• Name Server: johnathan.ns.cloudflare.com
• Name Server: braelyn.ns.cloudflare.com

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Similar offer surfing with different links: Several similar kind of offers through various links such as https://offerintro.com/BJP2024-Recharge/id=QYntPBDU,  https://mahaloot2.xyz, https://mahaloot3.xyz, https://pmoffer4.online,  are available in the social media. All these links are analysed and validated to be malicious or phishing links. 

CyberPeace Advisory and Best Practices:

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1. Stay Informed: Be aware of potential scams and rely on official government channels for verified information.
2. Verify Website Security: Do not click on links that have the ‘http’ at the beginning and focus on sites that have encryption (‘https’).
3. Protect Personal Information: Be careful when there is any request to send some type of personal information, especially if it is done through informal companies.
4. Report Suspicious Activity: When you notice that you have been scammed or a certain activity is fraudulent, ensure to report the incidents to the necessary authorities and the platforms to prevent others from being scammed.

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Conclusion: 

The claim of 84 day free recharge worth ₹719 to all users in India as an “Election Bonus”  is false and similar kinds of various links are consistently surfing through the internet. The deceptive practices employed in these kinds of links are insecure and it has multiple redirects to false promises which highlights the need for heightened awareness and caution among internet users.  In this digital world, it is important to stay informed, verify the authenticity of resources to protect personal information. Individuals can safeguard themselves against such fraudulent schemes and contribute to a safer online environment.

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Introduction

Microsoft has unveiled its ambitious roadmap for developing a quantum supercomputer with AI features, acknowledging the transformative power of quantum computing in solving complex societal challenges. Quantum computing has the potential to revolutionise AI by enhancing its capabilities and enabling breakthroughs in different fields. Microsoft’s groundbreaking announcement of its plans to develop a quantum supercomputer, its potential applications, and the implications for the future of artificial intelligence (AI). However, there is a need for regulation in the realms of quantum computing and AI and significant policies and considerations associated with these transformative technologies. This technological advancement will help in the successful development and deployment of quantum computing, along with the potential benefits and challenges associated with its implementation.

What isQuantum computing?

Quantum computing is an emerging field of computer science and technology that utilises principles from quantum mechanics to perform complex calculations and solve certain types of problems more efficiently than classical computers. While classical computers store and process information using bits, quantum computers use quantum bits or qubits.

‍Interconnected Future  

Quantum computing promises to significantly expand AI’s capabilities beyond its current limitations. Integrating these two technologies could lead to profound advancements in various sectors, including healthcare, finance, and cybersecurity. Quantum computing and artificial intelligence (AI) are two rapidly evolving fields that have the potential to revolutionise technology and reshape various industries. This section explores the interdependence of quantum computing and AI, highlighting how integrating these two technologies could lead to profound advancements across sectors such as healthcare, finance, and cybersecurity.

1. Enhancing AI Capabilities:

Quantum computing holds the promise of significantly expanding the capabilities of AI systems. Traditional computers, based on classical physics and binary logic, need help solving complex problems due to the exponential growth of computational requirements. Quantum computing, on the other hand, leverages the principles of quantum mechanics to perform computations on quantum bits or qubits, which can exist in multiple states simultaneously. This inherent parallelism and superposition property of qubits could potentially accelerate AI algorithms and enable more efficient processing of vast amounts of data.

1. Solving Complex Problems:

The integration of quantum computing and AI has the potential to tackle complex problems that are currently beyond the reach of classical computing methods. Quantum machine learning algorithms, for example, could leverage quantum superposition and entanglement to analyse and classify large datasets more effectively. This could have significant applications in healthcare, where AI-powered quantum systems could aid in drug discovery, disease diagnosis, and personalised medicine by processing vast amounts of genomic and clinical data.

1. Advancements in Finance and Optimisation:

The financial sector can benefit significantly from integrating quantum computing and AI. Quantum algorithms can be employed to optimise portfolios, improve risk analysis models, and enhance trading strategies. By harnessing the power of quantum machine learning, financial institutions can make more accurate predictions and informed decisions, leading to increased efficiency and reduced risks.

1. Strengthening Cybersecurity:

Quantum computing can also play a pivotal role in bolstering cybersecurity defences. Quantum techniques can be employed to develop new cryptographic protocols that are resistant to quantum attacks. In conjunction with quantum computing, AI can further enhance cybersecurity by analysing massive amounts of network traffic and identifying potential vulnerabilities or anomalies in real time, enabling proactive threat mitigation.

1. Quantum-Inspired AI:

Beyond the direct integration of quantum computing and AI, quantum-inspired algorithms are also being explored. These algorithms, designed to run on classical computers, draw inspiration from quantum principles and can improve performance in specific AI tasks. Quantum-inspired optimisation algorithms, for instance, can help solve complex optimisation problems more efficiently, enabling better resource allocation, supply chain management, and scheduling in various industries.

How Quantum Computing and AI Should be Regulated-

As quantum computing and artificial intelligence (AI) continues to advance, questions arise regarding the need for regulations to govern these technologies. There is debate surrounding the regulation of quantum computing and AI, considering the potential risks, ethical implications, and the balance between innovation and societal protection.

1. Assessing Potential Risks: Quantum computing and AI bring unprecedented capabilities that can significantly impact various aspects of society. However, they also pose potential risks, such as unintended consequences, privacy breaches, and algorithmic biases. Regulation can help identify and mitigate these risks, ensuring these technologies’ responsible development and deployment.
2. Ethical Implications: AI and quantum computing raise ethical concerns related to privacy, bias, accountability, and the impact on human autonomy. For AI, issues such as algorithmic fairness, transparency, and decision-making accountability must be addressed. Quantum computing, with its potential to break current encryption methods, requires regulatory measures to protect sensitive information. Ethical guidelines and regulations can provide a framework to address these concerns and promote responsible innovation.
3. Balancing Innovation and Regulation: Regulating quantum computing and AI involves balancing fostering innovation and protecting society’s interests. Excessive regulation could stifle technological advancements, hinder research, and impede economic growth. On the other hand, a lack of regulation may lead to the proliferation of unsafe or unethical applications. A thoughtful and adaptive regulatory approach is necessary, considering the dynamic nature of these technologies and allowing for iterative improvements based on evolving understanding and risks.
4. International Collaboration: Given the global nature of quantum computing and AI, international collaboration in regulation is essential. Harmonising regulatory frameworks can avoid fragmented approaches, ensure consistency, and facilitate ethical and responsible practices across borders. Collaborative efforts can also address data privacy, security, and cross-border data flow challenges, enabling a more unified and cooperative approach towards regulation.
5. Regulatory Strategies: Regulatory strategies for quantum computing and AI should adopt a multidisciplinary approach involving stakeholders from academia, industry, policymakers, and the public. Key considerations include:

1. Risk-based Approach: Regulations should focus on high-risk applications while allowing low-risk experimentation and development space.
2. Transparency and Explainability: AI systems should be transparent and explainable to enable accountability and address concerns about bias, discrimination, and decision-making processes.
3. Privacy Protection: Regulations should safeguard individual privacy rights, especially in quantum computing, where current encryption methods may be vulnerable.
4. Testing and Certification: Establishing standards for the testing and certification of AI systems can ensure their reliability, safety, and adherence to ethical principles.
5. Continuous Monitoring and Adaptation: Regulatory frameworks should be dynamic, regularly reviewed, and adapted to keep pace with the evolving landscape of quantum computing and AI.

Conclusion:

‍Integrating quantum computing and AI holds immense potential for advancing technology across diverse domains. Quantum computing can enhance the capabilities of AI systems, enabling the solution of complex problems, accelerating data processing, and revolutionising industries such as healthcare, finance, and cybersecurity. As research and development in these fields progress, collaborative efforts among researchers, industry experts, and policymakers will be crucial in harnessing the synergies between quantum computing and AI to drive innovation and shape a transformative future.The regulation of quantum computing and AI is a complex and ongoing discussion. Striking the right balance between fostering innovation, protecting societal interests, and addressing ethical concerns is crucial. A collaborative, multidisciplinary approach to regulation, considering international cooperation, risk assessment, transparency, privacy protection, and continuous monitoring, is necessary to ensure these transformative technologies' responsible development and deployment.