Technology has proved to be a boon for several industries including medicine, healthcare, communication, and our daily life. Presently, technology can be found in every sphere of our life, making our job easier.
However, technology has also made committing crimes a lot easier. Hence, a constant effort from the people for the safe use of technology is necessary. Using technology for continuous development can create a safe environment for people. Therefore, the goal is to use this pervasive technology for the betterment of humanity.
When we look specifically into financial crimes, these crimes increase almost every year. Studies estimate that with the rise of technology, financial crimes rise by 10% regularly. These include money laundering, corruption, bribery, identity theft and a lot more.
What safety infrastructure can be implemented?
Artificial Intelligence (AI), Machine Learning (ML) and Data Analytics are next-generation technologies. It is expected that these infrastructures will be implemented for safety purposes. When it comes to financial crimes, AI, ML and DA can work wonders. They can effectively distinguish fraudulent transactions and the ones that are real.
Presently, we are already witnessing these technologies being used. Nowadays smartphones are equipped with special functions that help them identify their owners. This is done by measuring the amount of pressure the owner applies for unlocking the phone. Similar technology is used for identifying gestures, ways of holding phones, fingerprints, etc. Hence, if the phone is stolen, the smartphone can deny access even if the password is known.
Technology in saving India’s financial crimes.
Financial crimes in India remind us of willful defaulters. The scams of Nirav Modi and PNB exposed a huge flaw in the Indian Banking System. SWIFT and CBS(Core Banking System) have not been done yet. The scams would have been saved given the implementation of these superior technologies in hand. Now, the linking of Aadhar cards to bank accounts has started to bring transparency to the financial sector.
