Importance of technology for lawyers in the future times
Introduction:
Technology has become a vital part of everyone’s life nowadays, it occupies essential activities of a person’s life whether we are working or playing and studying. I would say from education to corporate, technology makes everything easier and simpler to achieve the goals for a particular thing. Corporate companies are using technology for their day-to-day work and there are many law-based foundations that are publishing blogs and papers for legal awareness, many lawyers use internet technology for promoting themselves which amounts to growth in their work. Some legal work can now be done by machines, which was previously unthinkable. Large disputes frequently have many documents to review. Armies of young lawyers and paralegals are typically assigned to review these documents. This work can be done by a properly trained machine. Machine drafting of documents is also gaining popularity. We’ve also seen systems that can forecast the outcome of a dispute. We are starting to see machines take on many tasks that we once thought was solely the domain of lawyers.
How to expand law firms and the corporate world with the help of technology?
If we talk about how lawyers’ lives will be impacted by technology then I would explain about law students first. Students are the one who is utilizing the technology at its best for their work, tech could be helpful in students’ lives. as law students use SCC online and manupatra, which are used for case laws. And during their law internships, they use it to help their seniors to find appropriate cases for them. and use it as well for their college research work. SCC and manupatra are very big platforms by which we can say if students use technology for their careers, it will impact their law career in the best ways.
A lawyer running a law firm is not a small task, and there are plenty of obstacles to that, such as a lack of tech solutions, failure to fulfil demands, and inability to innovate, these obstacles prevent the growth of some firms. The right legal tech can grow an organization or a law firm and there will be fewer obstacles.
Technology can be proven as a good mechanism to grow the law firm, as everything depends on tech, from court work to corporate. If we talk about covid during 2020, everything shifted towards the virtual world, court hearings switched to online mode due to covid which proved as a bone to the legal system as the case hearings were speedy and there was no physical contact due to that.
Legal automation is also helping law firms to grow in a competitive world. And it has other benefits also like shifting tedious tasks from humans to machines, allowing the lawyer to work on more valuable work. I would say that small firms should also need to embrace automation for competition in the corporate sector. Today, artificial intelligence offers a solution to solve or at least make the access-to-justice issue better and completely transform our traditional legal system.
There was a world-cited author, Richard Susskind, OBE, who talked about the future of law and lawyers and he wrote a book, Online Courts and the Future of Justice. Richard argues that technology is going to bring about a fascinating decade of change in the legal sector and transform our court system. Although automating our old ways of working plays a part in this, even more, critical is that artificial intelligence and technology will help give more individuals access to justice.
The rise of big data has also resulted in rapid identification systems, which allow police officers to quickly see an individual’s criminal history through a simple search.The FBI’s Next Generation Identification (NGI) system matches individuals with their criminal history information using biometrics such as fingerprints, palm prints, iris recognition, and facial recognition. The NGI’s current technologies are constantly being updated, and new ones are being added, to make the NGI the most comprehensive way to gather up-to-date information on the person being examined
During covid, there were e-courts services in courts, and lawyers and judges were taking cases online. After the covid, the use of technology increased in the law field also from litigation to corporate. As technology can also safeguard confidential information between parties and lawyers. There was ODR, (online dispute resolution) happening meetings that were taking place online mode.
File sharing is inevitable in the practice of law. Yet sometimes the most common ways of sharing (think email) are not always the most secure. With the remote office, the boom has come an increased need for alternate file-sharing solutions. There is data encryption to protect data as it is a reliable method to protect confidential data and information.
Conclusion-
Technology has been playing a vital role in the legal industry and has increased the efficiency of legal offices and the productivity of clerical workers. With the advent of legal tech, there is greater transparency between legal firms and clients. Clients know how many fees they must pay and can keep track of the day-to-day progress of the lawyer on their case. Also, there is no doubt that technology, if used correctly, is fast and efficient – more than any human individual. This can prove to be of great assistance to any law firm. Lawyers of the future will be the ones who create the systems that will solve their client’s problems. These legal professionals will include legal knowledge engineers, legal risk managers, system developers, design thinking experts, and others. These people will use technology to create new ways of solving legal problems. In many ways, the legal sector is experiencing the same digitization that other industries have, and because it is so document-intensive, it is actually an industry that stands to benefit greatly from what technology has to offer.
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Introduction
In the multifaceted world of international trade and finance, cross-border transactions constitute the heart of economic relationships that span the globe. The threads that intertwine forming the fabric of global commerce are ceaselessly dynamic and exhibit an intricate pattern of complexity especially when it comes to the regulated movement of capital. It's a domain where economies connect, where businesses engage in sublime commerce, and where technology and regulation intersect at critical juncture. These guidelines will play a critical role in the regulation of capital, fortification of financial integrity, and transparency of regulatory and cross-border payments. The key highlights of this regulation include strict pre-authorization for non-bank entities, mandating specific accounts for import and export PA-CBs and a transaction ceiling of 25,00,000 Rupees.
The Vigilance of RBI
The Reserve Bank of India (RBI), ever vigilant in its shepherding role over the nation's financial stability and integrity, has taken decisive strides to dispel the haze that once clouded this critical sector. With the issuance of a revelatory circular dated October 31, 2023, the RBI has unveiled a groundbreaking framework that redefines the terrain for these pivotal financial entities, aptly christened as Payment Aggregators – Cross Border (PA-CB). In deploying this comprehensive array of regulations, the RBI demonstrates a robust commitment to harmonizing and synchronizing the oversight of payments within the country's financial fabric, extending its meticulous regulatory weave from domestic Payment Aggregators (PAs) to the PA-CBs, a sector previously undistinguished in formal oversight.
The prescriptive measures announced by the RBI are nothing short of a regulatory beacon that cuts through the fog of uncertainty, illuminating a clear path forward for entities dedicated to facilitating cross-border payment transactions pertaining to the import and export of permissible goods and services in India through online modes. Inclusiveness is a hallmark of the RBI’s directive, encompassing a diverse cadre of financial actors, ranging from Authorized Dealer (AD) banks and conventional Payment Aggregators (PAs), to the emergent breed of PA-CBs actively engaged in processing these critical international payment transactions.
Key Aspects of Regulation
One of the most striking aspects of this new regulatory regime is the RBI's insistence on pre-authorization. All non-bank entities providing PA-CB services are impelled to apply to the apex bank for authorisation by April 30, 2024. This is far from a perfunctory gesture; it represents a profound departure from the bygone era when these entities functioned under a patchwork of provisional guidelines and ad-hoc circulars. Indeed, with this resolute move, the RBI signals its intention to embrace these entities within its direct regulatory gambit, an acknowledgement of the shifting tides and progressive intricacies characteristic of cross-border payments.
The tapestry of new rules is complex, setting forth an array of prerequisites for entities aspiring for authorization. For instance, non-bank PA-CBs are obliged to register with the Financial Intelligence Unit-India (FIU-IND) as a preliminary step before commencing the application process. Moreover, the financial benchmarks set are notably rigorous. Non-banks must boast a minimum net worth of ₹15 crores at the time of the application—a figure that escalates to a robust ₹25 crores by the fiscal deadline of March 31, 2026.
Way Forward
As if these requirements weren't indicative enough of the RBI’s penchant for detail and precision, the guidelines become yet more granular when addressing specific types of PA-CBs. Import-only PA-CBs are mandatorily obliged to maintain an Import Collection Account (ICA) with an AD Category-I scheduled commercial bank, while export-only PA-CBs are instructed to maintain an Export Collection Account (ECA), which can be maintained in Indian Rupees (INR) or any permissible foreign currency. The nuance here is palpable; payments for import transactions must be received in a meticulously managed escrow account of the PA, prior to being funneled into the ICA for smooth settlement with overseas merchants.
Conversely, export-only PA-CBs' proceeds from international sales must be swiftly credited to the relevant currency ECA. This meticulous accounting ensures that the flow of funds is both transparent and traceable, adhering to the utmost standards of financial probity.
Yet, perhaps the most emphatic of the RBI's pronouncements is the establishment of a transaction ceiling. PA-CBs have their per-transaction limit capped at ₹25,00,000 for each unit of goods or services exchanged. This calculated move is transparent in its objective to mitigate risk—a crucial aspect when one considers the potential implications of these transactions on the country’s fiscal health and the integrity of its financial systems.
It is no exaggeration to declare that with these guidelines, the RBI is effectuating a seismic shift in the regulation of cross-border payment transactions. There's a fundamental transformation taking place—a metamorphosis—from a loosely defined existence of PA-CBs to one of distinct clarity, under the direct and unswerving supervisory gaze of the regulator. The compliance burden, indeed, has become heavier, yet the return is a compass that points decisively towards secure harbours.
As we embark upon the fresh horizons that these rules bring into view, it is imperative to acknowledge that the RBI's regulatory innovations represent far more than a mere codification of dos and don'ts. They embody a visionary stride towards safeguarding and fortifying the architecture of international payments, a critical component of India's burgeoning presence on the world economic stage.
Conclusion
The journey ahead, as we navigate these newly charted waters with the RBI's guidelines as our steadfast North Star, will no doubt be replete with challenges, adaptations and learning curves for the array of operational entities. But it is with confidence we can say, the path is set; the map is clear. The complex labyrinth of cross-border financial transactions is now demystified, and the RBI's clarion call beckons us towards a future marked by regulation, security, and above all else, reliability in the cosmopolitan tapestry of global trade. RBI’s guidelines provide a comprehensive framework for standardizing cross-border financial transactions in India. This decision is a monumental step towards maintaining cyber peace in cyberspace.
References:
- https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12561&Mode=0
- https://www2.deloitte.com/in/en/pages/tax/articles/tax-alert-Regulation-of-payment-aggregator-cross-border-pa-cb.html
- https://www.jsalaw.com/newsletters-and-updates/rbis-new-guidelines-to-govern-payment-aggregators-in-cross-border-transactions/
Executive Summary
A viral video allegedly featuring cricketer Virat Kohli endorsing a betting app named ‘Aviator’ is being shared widely across the social platform. CyberPeace Research Team’s Investigations revealed that the same has been made using the deepfake technology. In the viral video, we found some potential anomalies that can be said to have been created using Synthetic Media, also no genuine celebrity endorsements for the app exist, we have also previously debunked such Deep Fake videos of cricketer Virat Kohli regarding the misuse of deep fake technology. The spread of such content underscores the need for social media platforms to implement robust measures to combat online scams and misinformation.
Claims:
The claim made is that a video circulating on social media depicts Indian cricketer Virat Kohli endorsing a betting app called "Aviator." The video features an Indian News channel named India TV, where the journalist reportedly endorses the betting app followed by Virat Kohli's experience with the betting app.
Fact Check:
Upon receiving the news, we thoroughly watched the video and found some featured anomalies that are usually found in regular deep fake videos such as the lip sync of the journalist is not proper, and if we see it carefully the lips do not match with the audio that we can hear in the Video. It’s the same case when Virat Kohli Speaks in the video.
We then divided the video into keyframes and reverse searched one of the frames from the Kohli’s part, we found a video similar to the one spread, where we could see Virat Kohli wearing the same brown jacket in that video, uploaded on his verified Instagram handle which is an ad promotion in collaboration with American Tourister.
After going through the entire video, it is evident that Virat Kohli is not endorsing any betting app, rather he is talking about an ad promotion collaborating with American Tourister.
We then did some keyword searches to see if India TV had published any news as claimed in the Viral Video, but we didn’t find any credible source.
Therefore, upon noticing the major anomalies in the video and doing further analysis found that the video was created using Synthetic Media, it's a fake and misleading one.
Conclusion:
The video of Virat Kohli promoting a betting app is fake and does not actually feature the celebrity endorsing the app. This brings up many concerns regarding how Artificial Intelligence is being used for fraudulent activities. Social media platforms need to take action against the spread of fake videos like these.
Claim: Video surfacing on social media shows Indian cricket star Virat Kohli promoting a betting application known as "Aviator."
Claimed on: Facebook
Fact Check: Fake & Misleading
Introduction
According to a shocking report, there are multiple scam loan apps on the App Store in India that charge excessive interest rates and force users to pay by blackmailing and harassing them. Apple has prohibited and removed these apps from the App Store, but they may still be installed on your iPhone and running. You must delete any of these apps if you have downloaded them. Learn the names of these apps and how they operated the fraud.
Why Apple banned these apps?
- Apple has taken action to remove certain apps from the Indian App Store. These apps were engaging in unethical behaviour, such as impersonating financial institutions, demanding high fees, and threatening borrowers. Here are the titles of these apps, as well as what Apple has said about their suspension.
- Following user concerns, Apple removed six loan apps from the Indian App Store. Loan apps include White Kash, Pocket Kash, Golden Kash, Ok Rupee, and others.
- According to multiple user reviews, certain apps seek unjustified access to users’ contact lists and media. These apps also charge exorbitant fees that are not necessitated. Furthermore, companies have been found to engage in unethical tactics such as charging high-interest rates and “processing fees” equal to half the loan amount.
- Some lending app users have reported being harassed and threatened for failing to return their loans on time. In some circumstances, the apps threatened the user’s contacts if payment was not completed by the deadline. According to one user, the app company threatened to produce and send false photographs of her to her contacts.
- These loan apps were removed from the App Store, according to Apple, because they broke the norms and standards of the Apple Developer Program License Agreement. These apps were discovered to be falsely claiming financial institution connections.
Issue of Fake loan apps on the App Store
- The App Store and our App Review Guidelines are designed to ensure we provide our users with the safest experience possible,” Apple explained. “We do not tolerate fraudulent activity on the App Store and have strict rules against apps and developers who attempt to game the system.
- In 2022, Apple blocked nearly $2 billion in fraudulent App Store sales. Furthermore, it rejected nearly 1.7 million software submissions that did not match Apple’s quality and safety criteria and cancelled 428,000 developer accounts due to suspected fraudulent activities.
- The scammers also used heinous tactics to force the loanees to pay. According to reports, the scammers behind the apps gained access to the user’s contact list as well as their images. They would morph the images and then scare the individual by sharing their fake nude photos with their whole contact list.
Dangerous financial fraud apps have surfaced on the App Store
- TechCrunch acquired a user review from one of these apps. “I borrowed an amount in a helpless situation, and a day before the repayment due date, I got some messages with my picture and my contacts in my phone saying that repay your loan or they will inform our contacts that you are not paying the loan,” it said.
- Sandhya Ramesh, a journalist from The Print, recently tweeted a screenshot of a direct message she got. A victim’s friend told a similar story in the message.
- TechCrunch contacted Apple, who confirmed that the apps had been removed from the App Store for breaking the Apple Developer Program License Agreement and guidelines.
Conclusion
Recently, some users have claimed that some quick-loan applications, such as White Kash, Pocket Kash, and Golden Kash, have appeared on the Top Finance applications chart in recent days. These apps necessitate unauthorised and intrusive access to users’ contact lists and media. According to hundreds of user evaluations, these apps charged exorbitantly high and useless fees. They used unscrupulous techniques such as demanding “processing fees” equal to half the loan amount and charging high-interest rates. Users were also harassed and threatened with restitution. If payments were not made by the due date, the lending applications threatened to notify users’ contacts. According to one user, the app provider even threatened to generate phoney nude images of her and send them to her contacts.
