Mumbai: Finance Minister Nirmala Sitharaman on Tuesday cautioned against the growing misuse of artificial intelligence, revealing that she has personally come across several deepfake videos of herself circulating online. Speaking at the 6th Global FinTech Fest 2025 in Mumbai, she said this emerging threat highlights how technology is increasingly being weaponised to manipulate public trust.
“The new generation of fraud is no longer about breaching systems — it’s about hacking trust,” she said, warning that criminals now use AI to mimic voices, clone identities, and create convincing fake videos capable of misleading people.
To curb such risks, Sitharaman welcomed new measures introduced by financial regulators to protect investors from impersonation and fraud. The Securities and Exchange Board of India (SEBI) and the National Payments Corporation of India (NPCI) have jointly launched a verified UPI handle system for SEBI-registered intermediaries, featuring category-specific suffixes like .brk for brokers and .mf for mutual funds.
According to the minister, more than 90 per cent of major brokers and all mutual funds have already adopted the system, which ensures secure and verified payment channels while maintaining user convenience.
SEBI has also introduced “SEBI Check,” a verification tool that allows investors to confirm UPI IDs and bank details of registered intermediaries before making payments. The feature is available on SEBI’s web portal and the Saarthi app. The system uses privacy-preserving verification, secure data handling, and real-time monitoring to detect mismatches and prevent fraud.
Sitharaman urged fintech companies to focus on sustainability, profitability, and compliance while maintaining innovation. “Responsible regulation is not a brake on progress it’s a seatbelt for safe acceleration,” she remarked.
The Finance Minister also underlined the government’s commitment to fostering innovation through initiatives like Aadhaar, UPI, the Account Aggregator framework, and DigiLocker, which she said have transformed the financial ecosystem and improved access to public services.
Highlighting India’s emergence as a major player in the global AI landscape, she pointed to the $1.3 billion IndiaAI Mission and said the country contributes 16 per cent of global AI talent, ranking among the top three AI talent markets.
“India has the potential to become a global hub for AI innovation a laboratory for developing and testing new technologies that serve diverse global needs,” Sitharaman said, noting that AI-enabled Global Capability Centres (GCCs) could account for up to 35 per cent of India’s AI services revenue by 2028.
She concluded by emphasizing that India’s strong digital infrastructure, skilled workforce, and forward-looking policies make it a natural leader in the global fintech and AI revolution.
