Financial Action Task Force (FATF) Vice-President Vivek Aggarwal called on the fintech industry to significantly increase its investments in defense mechanisms to combat sophisticated threats stemming from emerging technologies. Speaking at the Global Fintech Fest 2026 in Mumbai, he emphasized that rapid technological innovations pose a critical risk to national and global financial ecosystems.
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The Threat Landscape: Aggarwal highlighted that malicious actors are increasingly weaponizing artificial intelligence, quantum computing (capable of breaking traditional encryptions), and organized scam operations to perpetrate financial crimes.
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Virtual Assets & Cryptocurrencies: Alongside AI-driven scams, he noted that virtual digital assets and unregulated cryptocurrencies remain major ongoing compliance and security challenges for global watchdogs like the FATF.
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Fighting Tech with Tech: Urging a proactive posture, Aggarwal stressed that the industry must deploy the same advanced technologies—such as AI-powered screening and monitoring tools—to detect perpetrators and stay ahead in what he described as an ongoing “cat and mouse game” of digital vigilance.
