#FactCheck- AI-Generated Video Falsely Claims Iran Shot Down US F-35 Fighter Jet

Introduction
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Generative AI, particularly deepfake technology, poses significant risks to security in the financial sector. Deepfake technology can convincingly mimic voices, create lip-sync videos, execute face swaps, and carry out other types of impersonation through tools like DALL-E, Midjourney, Respeecher, Murf, etc, which are now widely accessible and have been misused for fraud. For example, in 2024, cybercriminals in Hong Kong used deepfake technology to impersonate the Chief Financial Officer of a company, defrauding it of $25 million. Surveys, including Regula’s Deepfake Trends 2024 and Sumsub reports, highlight financial services as the most targeted sector for deepfake-induced fraud.

Deepfake Technology and Its Risks to Financial Systems

India’s financial ecosystem, including banks, NBFCs, and fintech companies, is leveraging technology to enhance access to credit for households and MSMEs. The country is a leader in global real-time payments and its digital economy comprises 10% of its GDP.  However, it faces unique cybersecurity challenges. According to the RBI’s 2023-24 Currency and Finance report, banks cite cybersecurity threats, legacy systems, and low customer digital literacy as major hurdles in digital adoption. Deepfake technology intensifies risks like:

• Social Engineering Attacks: Information security breaches through phishing, vishing, etc. become more convincing with deepfake imagery and audio.
• Bypassing Authentication Protocols: Deepfake audio or images may circumvent voice and image-based authentication systems, exposing sensitive data.
• Market Manipulation: Misleading deepfake content making false claims and endorsements can harm investor trust and damage stock market performance.
• Business Email Compromise Scams: Deepfake audio can mimic the voice of a real person with authority in the organization to falsely authorize payments.
• Evolving Deception Techniques: The usage of AI will allow cybercriminals to deploy malware that can adapt in real-time to carry out phishing attacks and inundate targets with increased speed and variations. Legacy security frameworks are not suited to countering automated attacks at such a scale.

Existing Frameworks and Gaps

In 2016, the RBI introduced cybersecurity guidelines for banks, neo-banking, lending, and non-banking financial institutions, focusing on resilience measures like Board-level policies, baseline security standards, data leak prevention, running penetration tests, and mandating Cybersecurity Operations Centres (C-SOCs). It also mandated incident reporting to the RBI for cyber events. Similarly, SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) applies to regulated entities (REs) like stock brokers, mutual funds, KYC agencies, etc., requiring policies, risk management frameworks, and third-party assessments of cyber resilience measures. While both frameworks are comprehensive, they require updates addressing emerging threats from generative AI-driven cyber fraud.

Cyberpeace Recommendations 

• AI Cybersecurity to Counter AI Cybercrime: AI-generated attacks can be designed to overwhelm with their speed and scale. Cybercriminals increasingly exploit platforms like LinkedIn, Microsoft Teams, and Messenger, to target people.  More and more organizations of all sizes will have to use AI-based cybersecurity for detection and response since generative AI is becoming increasingly essential in combating hackers and breaches.
• Enhancing Multi-factor Authentication (MFA):  With improving image and voice-generation/manipulation technologies, enhanced authentication measures such as token-based authentication or other hardware-based measures, abnormal behaviour detection, multi-device push notifications, geolocation verifications, etc. can be used to improve prevention strategies.  New targeted technological solutions for content-driven authentication can also be implemented.
• Addressing Third-Party Vulnerabilities: Financial institutions often outsource operations to vendors that may not follow the same cybersecurity protocols, which can introduce vulnerabilities. Ensuring all parties follow standardized protocols can address these gaps.
• Protecting Senior Professionals: Senior-level and high-profile individuals at organizations are at a greater risk of being imitated or impersonated since they hold higher authority over decision-making and have greater access  to sensitive information. Protecting their identity metrics through technological interventions is of utmost importance.
• Advanced Employee Training:  To build organizational resilience, employees must be trained to understand how generative and emerging technologies work. A well-trained workforce can significantly lower the likelihood of successful human-focused human-focused cyberattacks like phishing and impersonation.
• Financial Support to Smaller Institutions: Smaller institutions may not have the resources to invest in robust long-term cybersecurity solutions and upgrades. They require financial and technological support from the government to meet requisite standards.

Conclusion

According to The India Cyber Threat Report 2025 by the Data Security Council of India (DSCI) and Seqrite, deepfake-enabled cyberattacks, especially in the finance and healthcare sectors, are set to increase in 2025. This has the potential to disrupt services, steal sensitive data, and exploit geopolitical tensions, presenting a significant risk to the critical infrastructure of India. 

As the threat landscape changes,  institutions will have to continue to embrace AI and Machine Learning (ML) for threat detection and response. The financial sector must prioritize robust cybersecurity strategies, participate in regulation-framing procedures, adopt AI-based solutions, and enhance workforce training, to safeguard against AI-enabled fraud. Collaborative efforts among policymakers, financial institutions, and technology providers will be essential to strengthen defenses.

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Sources 

• https://sumsub.com/newsroom/deepfake-cases-surge-in-countries-holding-2024-elections-sumsub-research-shows/ 
• https://www.globenewswire.com/news-release/2024/10/31/2972565/0/en/Deepfake-Fraud-Costs-the-Financial-Sector-an-Average-of-600-000-for-Each-Company-Regula-s-Survey-Shows.html 
• https://www.sipa.columbia.edu/sites/default/files/2023-05/For%20Publication_BOfA_PollardCartier.pdf 
• https://edition.cnn.com/2024/02/04/asia/deepfake-cfo-scam-hong-kong-intl-hnk/index.html 
• https://www.rbi.org.in/Commonman/English/scripts/Notification.aspx?Id=1721 
• https://elplaw.in/leadership/cybersecurity-and-cyber-resilience-framework-for-sebi-regulated-entities/ 
• https://economictimes.indiatimes.com/tech/artificial-intelligence/ai-driven-deepfake-enabled-cyberattacks-to-rise-in-2025-healthcarefinance-sectors-at-risk-report/articleshow/115976846.cms?from=mdr 

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At Semicon India 2025 held recently, the Prime Minister declared, “when the chips are down, you can bet on India”.  The event showcased the country’s first indigenous microprocessor, Vikram, developed by ISRO’s Semiconductor Lab, and announced that commercial chip production will begin by the end of 2025. India aims to become a global player in semiconductor production, and build self-reliance in a world where global supply chains are shifting rapidly. 

Why Semiconductors Matter

Semiconductors power almost everything around us, from laptops and air conditioners to cars and even the tiniest gadget we hardly notice . They’ve rightly been called the “oil of the digital age” because our entire digital world depends on them. But the global supply chain for chips is heavily concentrated. Taiwan alone makes over 60% of the world’s semiconductors and nearly 90% of the most advanced ones. Rising tensions between China and Taiwan have only shown how fragile and risky this dependence can be for the rest of the world. For India, building its own semiconductor base is not just about technology, it is about economic security and reduced dependence on imports.

India’s Push: The Numbers and Projects

The government has committed nearly US$18 billion across 10 projects, making it one of the country’s largest industrial bets in decades. Under the Production Linked Incentive (PLI) scheme, ₹76,000 crore (about US$9.1 billion) was set aside, of which most has already been allocated.

Key developments include:

• Vikram processor – developed at ISRO’s Semiconductor Lab, fabricated on 180nm technology.
• CG Power facility in Sanand, Gujarat – launched in 2024, scaling chip assembly and testing.
• Micron’s investment – ₹22,500+ crore in Gujarat for packaging and testing.
• Tata Electronics–PSMC partnership – ₹91,000 crore tie-up with Taiwan’s Powerchip for fabs.

The domestic market, valued at US$38 billion in 2023, is expected to touch US$100–110 billion by 2030 if growth sustains.

The Technology Gap

While the Vikram chip, a 32 bit microprocessor, is a proud milestone, it highlights the technology gap  India faces. The chip was fabricated using a 180nm CMOS process, a process that was cutting-edge back in the early 2000s. Today, companies like TSMC and Samsung are already producing 3nm chips for smartphones and AI servers, whereas those like Nvidia and Apple have developed chips 2ith 64-bit processing capabilities.

This means India's main focus, to become self-reliant in the mature end of the spectrum useful for space, defense, and automotives and electronics, is far from the global cutting edge. Bridging this gap will require both time and deep technical expertise.

Talent and Design Strengths

On the positive side, India already contributes around 20% of global semiconductor design talent. Two advanced design centers—one in Noida and another in Bengaluru—are working on 3nm designs. The government’s Design Linked Incentive scheme has cleared 20+ projects to nurture startups in chip design.

Over 60,000 engineers have been trained under various programs, but scaling this to the hundreds of thousands needed for fabs remains a challenge. Unlike software development, semiconductor fabrication demands highly specialised skills in process engineering, yield optimization, and supply chain logistics.

Lessons from Global Players

Countries like Taiwan, South Korea, and the US didn’t build their chip industries overnight. Taiwan’s TSMC spent decades and billions of dollars mastering yield rates and building trust with clients. The US recently passed the CHIPS and Science Act to revive domestic production, while the EU has its own Chips Act. Japan, too, has pledged billions, including ¥10 trillion in cooperation with India.

These examples show that success depends not just on funding , but also on harmony between government and private players, consistent execution, ecosystem building, and global partnerships.

The Challenges Ahead

India’s ambitions face several hurdles:

• Capital intensity – A single leading-edge fab costs US$10–20 billion, and requires constant upgrades.
• Supply chain complexity – Hundreds of chemicals, gases, and precision tools are needed, many of which India doesn’t yet produce domestically.
• Technology transfer – Advanced lithography machines (from ASML in the Netherlands, for example) are tightly controlled and not easily available.
• Execution risks – Moving from announcements to commercially viable fabs with competitive yields is where many countries have stumbled.

The Way Forward

India has big ambitions in the field of semi-conductor design and manufacturing, with the goal of becoming a major  global exporter instead of importer. The country appears to be adopting a step-by-step approach, starting with assembly, testing, and mature-node fabs, while simultaneously investing in design, research, and talent. Every successful global power in this industry first mastered older nodes before advancing to cutting-edge levels.

At the same time, international collaborations with players like Micron, Tata-PSMC, and Japan will be critical for technology transfer and capacity building. If India can combine its engineering talent, rising domestic demand, and government backing with the PLI scheme, and drive global collaborations, the outlook can be promising. 

Conclusion

India’s semiconductor story is just beginning, but the direction is clear. The Vikram processor and investment announcement at Semicon 2025 shows the intent of the government. The hard part now lies ahead: moving from prototypes to large-scale production and globally competitive fabs in an industry that demands substantial investment, flawless execution, and years of patience.

Yet the stakes couldn’t be higher. Semiconductors will shape the future of economies and national security . If India plays its cards right by nurturing talent, innovating and researching, and driving global partnerships,  the dream of becoming a global semiconductor hub may well move from ambition to reality.

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References 

• https://www.ndtv.com/india-news/when-chips-are-down-bet-on-india-pm-narendra-modis-big-semiconductor-push-6539317 
• https://www.indiatoday.in/science/story/what-is-vikram-32-bit-chip-presented-to-pm-modi-at-semicon-india-2025-2780582-2025-09-02#
• https://www.visionofhumanity.org/the-worlds-dependency-on-taiwans-semiconductor-industry-is-increasing/ 
• https://m.economictimes.com/tech/artificial-intelligence/tata-electronics-and-powerchip-semiconductor-manufacturing-corporation-to-build-indias-first-semiconductor-fab/articleshow/113694273.cms 
• https://www.business-standard.com/economy/news/10-trillion-yen-in-10-years-japan-pledges-big-investment-in-india-125082901564_1.html 
• https://www.oecd.org/content/dam/oecd/en/publications/reports/2023/06/vulnerabilities-in-the-semiconductor-supply-chain_f4de7491/6bed616f-en.pdf 
• https://techwireasia.com/2025/09/semiconductor-india-commercial-production-2025/ 

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Introduction

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There has been a recent surge of misinformation all over social media, claiming that every Indian ought to receive an allowance of ₹2,000 under some "Prime Minister's scheme." The message, which has been circulated far and wide on almost all platforms-WhatsApp, Facebook, Telegram, etc.-has urged users to click on an unfamiliar link to claim the allowance in their bank accounts.

It would seem like a very attractive offer, especially at a time when common citizens are coping with rising costs of living. But upon further examination, it turns out to be an outright online scam. NewsMobile fact-checked the claim and confirmed that no such scheme exists. Thus, the message circulating is a scam that aims to mislead common citizens.

Such an incident is not isolated. Over the years, fraudulent posts falsely offering benefits in the name of the government or well-known brands have been on the rise. These scams are not just about misinformation-they take advantage of trust, lure people into clicking, and sharing personal info that poses serious risks to financial and personal security.

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Anatomy of the Viral PM Scheme Scam

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The viral message received attention and was written in Hindi. It read:

“सभी नागरिकों को PM योजना के तहत दो हज़ार रुपए का भत्ता प्रदान किया गया है अपने bank खाते में प्राप्त करने के लिए click करें."

(English: “All citizens have been provided an allowance of ₹2000 under the PM scheme. Click to receive it in your bank account.”)

Beneath this was an odd link that, upon clicking through investigation, turned out to be not working and invalid. An examination of government sites, official handle accounts, and other such was done and no announcement for any such allowance was found.

This provides a neat explanation of a phishing attempt by which a scammer induces urgency and temptation in order to lure citizens into clicking a malicious link. While the link may no longer be active, it could very well have once redirected users to websites that harvest personal information such as Aadhaar numbers, bank details, or login credentials.

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The Broader Problem: Fake Government Scheme Scams

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Some scams have been exploiting the hoax gimmick of the ₹2,000 PM scheme into the wider trend. How do the con men work? They leverage the credibility of governmental initiatives to scam citizens. In the past, fake promises were made concerning free gas cylinders, cash allowances, subsidised rations, or even job opportunities. 

During the COVID times, for instance, fake vaccination registration links and so-called relief scheme offers went viral, preying on the fears and vulnerabilities of ill-informed citizens. Likewise, false schemes associated with reputed companies such as Amazon, Flipkart, TATA Group, and Hermès have also gone viral, promising free gifts or allowances. 

The one thing that makes scams associated with the government very dangerous is the exploitation of people's trust in authority. The common citizen is predisposed to believe the PM scheme or the Government Yojana because of the social credibility accorded to these announcements.

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How These Scams Operate

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These are scams where the creators intend deception and in the end, gain from defrauding a person. Fraudsters first create clickbait messages that are duly recorded to resemble official communications and often bear the government logos and bear a mix of Hindi-English text with the phrase "Pradhan Mantri Yojana" to make it sound legitimate. The messages then redirect users to bogus websites that really look very much like the government's portals, asking sick persons to enter personal information. Finally, as soon as they have obtained this data, the scammer uses it for identity theft, bank fraud, or sells it on the dark web. Social engineering does play a large role in these scams: here terms of urgency like limited time, last chance, and whatnot get created with the aim of pushing the targets to act on these without thinking. For maximum reach, victims are also asked to forward the message to their friends and family, causing the scammer to go viral across WhatsApp, Facebook, and Telegram.

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Risks to Citizens

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Risks are serious and manifold to falling prey to these scams. The immediate kind of risk is financial loss: divulging bank account details, an OTP, or credentials may constitute providing attackers the power to drain funds therefrom. Another prevalent kind of identity theft occurs through hijacked Aadhaar, PAN, or personal information that subsequently finds its way into fake loans or SIM activations. Apart from monetary losses, opening malicious links might also make devices infected with spyware or ransomware, thereby invading privacy and security. Victims tend to experience a form of psychological trauma due to feelings of betrayal or humiliation of being deceived, thus discouraging them from reporting, which in turn enables such scams to go undetected.

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Best Practices for Prevention

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It is prudent to exercise good cyber hygiene and be on the lookout for such scams. The citizens should verify each statement against government-authorised websites like https://www.mygov.in or through press statements of the ministries prior to believing it. One should not click on suspicious links offering money, gifts, or subsidies. Red flags like poor grammar, an unofficial domain name, or too-good-to-be-true offers can enable one to identify the scam in time. Two-factor authentication, antivirus software updates, and securing devices can drastically lower the threat from the technical angle. Equally important is the reporting of issues: always report any suspicious activities to cybercrime.gov.in or to the nearest cyber cell so that the authorities may trace some pattern and issue advisories accordingly. Finally, one can do some good by sharing verified fact checks within their circles to build added strength against misinformation and scams.

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Policy and Community Role

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While individual awareness is important, collective action must be taken against these fake government scheme scams. Platforms such as WhatsApp, Facebook, and X (Twitter) must tune up fraudsters' message detection mechanisms. In the meantime, Government Bodies must alert citizens periodically on new scams through their official handles/schemes and through community outreach. 

Civil society and fact-checking agencies play an important role in dispelling frequently viral hoaxes. This work must be amplified to reach people's consciousness in regional languages for the very reason that in these terrain zones, forwarded messages are much more trusted.

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Conclusion

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The viral ₹2,000 PM scheme scam is a reminder that everything that is viral online cannot be trusted in toto. The scammers of the day are inventing newer scams to gain trust, spread misinformation, and extort innocent citizens.

The best defence will be awareness and alertness. Citizens must verify any claims through official channels before clicking on a link, sharing their data, or even acting upon it in any way. With proper cyber hygiene and avoiding suspicious messages, we can counterattack by reducing the percentage of impact that these scams may have and collaboratively build a secure digital environment. 

As India pushes itself further into a digital ecosystem, both empowering and being resilient to cyber fraud is not a state of individual security, but a national agenda.

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References

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• https://www.newsmobile.in/nm-fact-checker/fact-check-viral-post-claiming-pm-scheme-offering-rs-2000-allowance-is-a-scam/
• https://timesofindia.indiatimes.com/business/financial-literacy/investing/beware-of-deepfake-scams-fraudsters-using-ai-videos-to-push-schemes-promising-unrealistic-returns-red-flags-to-watch-out-for/articleshow/124085155.cms
• https://www.business-standard.com/finance/personal-finance/invest-rs-21-000-to-earn-rs-20-lakh-monthly-viral-videos-of-fm-are-fake-125082000517_1.html
• https://www.pib.gov.in/PressReleasePage.aspx?PRID=2124728

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