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FATF Urges Indian Fintech Investment Against Emerging Technology Threats
A global financial crime watchdog is warning India’s fintech companies about new technology risks.
Vivek Aggarwal, a vice-president of the Financial Action Task Force, said companies need to spend more on safety.
He pointed to artificial intelligence, cryptocurrencies, scam compounds and quantum computing as risks.
Criminals could use AI to carry out harmful activities.
Companies can also use AI to find and stop those criminals.
Quantum computing may one day make some current security codes easier to break.
Aggarwal said the fintech industry is growing quickly, but its understanding of these risks may not be deep enough.
He urged companies to prepare and invest before the risks become more serious.
FATF Vice-President Vivek Aggarwal urged India’s fintech industry to invest more in countering emerging technological threats.
He identified artificial intelligence, scam compounds, virtual digital assets, cryptocurrencies and quantum computing as significant risks.
Aggarwal said AI could be used both to commit crimes and to help identify and stop perpetrators.
He warned that quantum computing could eventually undermine encryption and cryptography.
He said rapid fintech growth has not been matched by sufficient risk awareness, investment, time and resources.
- Who
- Financial Action Task Force Vice-President Vivek Aggarwal and India’s fintech industry.
- What
- Aggarwal urged fintech companies to increase investment and preparedness against emerging technology-related financial crime and cybersecurity threats.
- Where
- India; the remarks were made at the Global Fintech Fest 2026.
- When
- Thursday, at the Global Fintech Fest 2026.
- Why
- To protect India’s fintech growth from risks involving artificial intelligence, scam compounds, virtual digital assets, cryptocurrencies and quantum computing.
Key facts
- Speaker
- Vivek Aggarwal, vice-president of the Financial Action Task Force
- Organization
- The Financial Action Task Force sets global standards to prevent money laundering, terrorist financing and proliferation financing.
- Main concern
- Emerging technologies could threaten India’s fintech growth story.
- Risks identified
- Artificial intelligence, scam compounds, virtual digital assets, cryptocurrencies and quantum computing.
- Security concern
- Quantum computing could break encryption and cryptography.
- Industry gap
- Aggarwal said risk awareness and investment in time and resources are currently insufficient.
- Recommended response
- Fintech companies should remain vigilant and invest proactively in managing emerging threats.
Quotes
Vivek Aggarwal
FATF vice-president speaking about artificial intelligence and financial-crime risks
“The major challenge and major risk for Indian fintech is that the realisation is not there, as I understand, because the growth is very fast and the risk realisation may not be that deep, and the requirement of investment and the requirement of time and resources that are there are also not being fulfilled in the industry as of now”
rediff.com
“So, whatever technological development that is happening in the field of AI, which can be used to perpetrate crime, we have to counter that and probably use the same technology to screen and find those perpetrators and act against them”
rediff.com
Sources
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