PNB warns customers of rising AI-powered cyber fraud threats

State-run Punjab National Bank (PNB) has issued a formal warning to its customer base regarding the escalating threat of AI-driven cyber fraud, highlighting the growing sophistication of criminal tactics deployed by fraudsters across digital platforms.

The advisory comes as the bank observes National Cyber Security Awareness Month in October, drawing attention to evolving threats that exploit psychological vulnerabilities. According to PNB Managing Director and Chief Executive Officer Ashok Chandra, modern cyber fraudsters are leveraging artificial intelligence to replicate voices and appearances of trusted individuals, including family members and friends, to orchestrate false emergencies that compel victims into hasty financial transfers.

The bank warned that fraudulent communications—whether via email, SMS, or messaging applications—increasingly mimic legitimate banking correspondence with high levels of personalization, making them difficult to distinguish from genuine institutional communications. These deceptive messages are typically designed to induce panic and urgency, compelling recipients to bypass standard security protocols.

PNB has advised customers to remain cautious of unsolicited requests for financial information or immediate money transfers, particularly those claiming emergency situations. The bank recommended verifying any such requests through official channels and exercising extreme caution before responding to communications that create a sense of urgency or fear, irrespective of apparent authenticity.

Photo: Punjab National Bank's head office in Dwarka, New Delhi, September 2018. Meet.arpit99 via Wikimedia Commons (CC BY-SA 4.0).