With more users now banking online, the risk of being duped by fraudsters is higher than before. A May survey by ACI Worldwide and YouGov found that 32% Indians were using digital payments more, while 31% were recently targeted by a card or digital payments fraud or know someone who was. According to a 2019 RBI report, losses due to banking frauds have grown by 73.8%. Dilip Asbe, MD, CEO, National payments Corporation of India (NPCI), said that many banks in India have already launched fraud detection robo advisory services for investments. Asbe was speaking at the global AI summit RAISE (Responsible AI for social Empowerment), being held online from October 5-9. Also, speaking at the summit, T Rabi Shankar, executive director at the Reserve Bank of India (RBI), agreed that AI backed robo advisory services have a lot of potential.