MumbaiHacks
As Artificial Intelligence (AI) continues to evolve, the world is witnessing unprecedented advancements in technology. However, these advancements come with increasing risks, particularly in the area of digital impersonation and fraud. From deepfake videos mimicking business leaders to advanced phishing attacks mirroring trusted sources, AI-driven impersonation poses significant challenges to businesses, governments, and individuals.
Deloitte's Center for Financial Services predicts that gen AI could enable fraud losses to reach US$40 billion in the United States by 2027, from US$12.3 billion in 2023, a compound annual growth rate of 32%. One report found deepfake incidents increased 700% in fintech in 2023, highlighting the vulnerabilities that sectors like finance are now confronting. For audio deepfakes alone, the technology industry is behind in developing tools to identify fake content.
Addressing the Challenge: AI for Security
To address these critical issues, there is a growing demand for robust AI-driven solutions that ensure secure digital interactions. The question that leaders and tech innovators must ask is, how do we protect our businesses and individuals in an increasingly AI-powered world? Developing the tools to counter AI-driven fraud requires innovation at the intersection of technology and cybersecurity.
At the upcoming MumbaiHacks - The World's largest Hackathon, an event hosted by Tech Entrepreneurs Association of Mumbai (TEAM) that brings together some of the brightest minds in technology, participants will work collaboratively to develop cutting-edge solutions aimed at ensuring secure, AI-powered digital ecosystems. The hackathon will challenge developers to innovate with purpose, focusing on four key tracks that reflect the most pressing opportunities in AI-driven transformation:
As part of the Finance track, the hackathon will focus on creating AI-powered tools and systems, that protect users and organizations from impersonation risks.
"MumbaiHacks is set to become the world's largest hackathon, with over 2,000 developers pushing the boundaries of technology and setting new benchmarks. As Gen AI's impact expands, this event will bring together the brightest minds to tackle today's most pressing challenges. Positioned at the heart of one of India's most dynamic tech ecosystems, MumbaiHacks will be a catalyst for cutting-edge innovation and a game-changer for the future of technology. This year's edition promises not just to meet expectations but to redefine them. Adding to the excitement, Mumbai will host a landmark AI Week featuring NVIDIA's flagship AI Summit - one of only three held globally alongside Washington D.C. and Japan - followed by the highly anticipated MumbaiHacks. This week will firmly establish Mumbai as a key player in the global AI landscape." said Aakrit Vaish, Co-Chair, Tech Entrepreneurs Association of Mumbai (TEAM), Advisor to the India AI Mission and Co-Founder, Haptik.
Mumbai as a Hub for AI-led Cybersecurity Innovation
MumbaiHacks, hosted by Tech Entrepreneurs Association of Mumbai (TEAM), will serve as a crucial step in positioning Mumbai as a global hub for AI-driven cybersecurity innovation. This event not only highlights the city's growing importance in the global tech landscape but also showcases India's commitment to leading the charge in creating AI-powered cybersecurity solutions. The participants will work closely with mentors from the industry to drive the future of secure digital interactions.
By encouraging collaboration between developers, business leaders, and cybersecurity experts, MumbaiHacks offers a unique platform for the development of next-generation solutions that address the threats posed by AI-driven fraud and impersonation. The innovations emerging from this hackathon are expected to shape the future of how organizations and individuals safeguard themselves against rapidly evolving AI-powered threats.
This year, MumbaiHacks debuts an enhanced and elevated format, with a distinguished jury of industry leaders including Siddharth Roy Kapur, Founder & MD, Roy Kapur Films; Faye Dsouza, Journalist; Naiyya Saggi, Co-Founder, Good Glamm Group,; Abhishek Ravi, CIO, Dream Sports; Aakash Kumar, MD, z47; Sumeet Mehta, Co-Founder, LEAD School; Aakrit Vaish, Advisor, IndiaAI; Sameer Nath, CIO & Head, 360 ONE AMC; Deepti Shibad, Director, Crisil; Sanjiv Bhatia, President & Head, New Economy Group, Axis Bank; Priti Rathi Gupta, Co-Founder, Lxme; Vivek Khemani, Co-Founder, Quantiphi; Harshjit Sethi, MD, Peak XV & Raj Aradhyula, CDO, Fractal.
The Future of Digital Security
As businesses and individuals continue to operate in an increasingly AI-integrated world, the importance of having systems that can detect and respond to impersonation and fraud threats cannot be overstated.
Through the collaborative efforts of the MumbaiHacks participants, the goal is to ensure that AI can be leveraged for good, to empower users and businesses to operate in a safer digital environment. Expect groundbreaking ideas and innovative solutions that will redefine the future of secure digital communication, fraud detection, and AI-based identity verification.
