State-run Punjab National Bank (PNB) has cautioned customers against AI-enabled cyber frauds, including voice cloning, deepfakes and phishing, amid a surge in such incidents, IANS reported on Tuesday.

In a message to customers, PNB Managing Director and CEO Ashok Chandra said fraudsters are using increasingly sophisticated methods to make their attempts more convincing, as October is observed as National Cyber Security Awareness Month. 'Many cyber frauds today exploit human behaviour, particularly trust, fear, urgency and everyday digital habits. Fraudsters may imitate the voice or appearance of your family members, friends, or trusted persons and create a false emergency to seek an urgent transfer of money,' Chandra said.

He said fraudulent emails, SMS and messages may appear highly personalised and like genuine bank communications, making them difficult to identify, and are designed to create panic and force customers to act without verification, IANS reported. Business Standard also reported PNB's caution against AI-led cyberattacks amid the cyber fraud surge.

Amid rising cybercrime cases across the country, public and private sector banks are ramping up IT and cybersecurity investments to combat evolving threats from advanced artificial intelligence, quantum computing risks and strict regulatory mandates from the Reserve Bank of India, according to IANS.

The warning comes as police continue to register cases of pension-related cyber fraud targeting elderly customers. IANS reported that a 70-year-old man in Pune's Baner area was duped of Rs 4.81 lakh — yaani about Rs 4.8 lakh — by fraudsters on the pretext of pension card registration, and that a 72-year-old retired bank employee in Ahmedabad lost Rs 5 lakh last month after clicking a Facebook advertisement offering a pension card. Those cases are reported as separate incidents cited alongside the bank's advisory.

Sources: IANS, Business Standard, Nation Press.