With a continuous focus on strengthening business quality, Edelweiss Tokio Life has introduced innovative risk management practices including driving a risk-conscious culture across the organization to proactively detect and prevent fraudulent practices.
Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “Fraudulent incidences are detrimental not only to the business but also to the customer. They have a wide-ranging impact across product pricing, bonus payouts, claim settlement, and more. As an organization, we wanted to be proactive in our fraud-fighting efforts. Be it the use of automation or driving a risk-conscious culture, we have undertaken a score of measures that are enabling us to not only safeguard company profitability but also deliver innovative best-in-class products and services to our customers.”
At the end of FY2023, the life insurer reported a claim settlement ratio of 99.20%*, a 13th-month persistency ratio of 75%, and an NPS (a measure of customer satisfaction) of 54. The company also boasts innovative products across categories in the sector and has been known for trend-setting products like Edelweiss Tokio Life Wealth Ultima, Edelweiss Tokio Life Zindagi Protect, Edelweiss Tokio Life Flexi-Savings Plan, and more.
The company has introduced the unique Certified Risk Assessor (CRA) program for its front-line sellers. This program equips them with the skills to assess risk effectively, making them pseudo-underwriters. It also employs machine learning models to detect and prevent fraud at different intervals of customer journeys, more notably at issuance and claim settlement. It also uses statistical models, and industry intelligence to investigate and resolve cases.
This year, the life insurer was rewarded the Golden Peacock Award for Risk Management practices. The forum received 370 responses for Corporate Governance, Sustainability, ESG, and Risk Management practices. Only 10 organizations, including Edelweiss Tokio Life, were awarded the Golden Peacock Award for Risk Management.
Sophos, a global leader in innovating and delivering cybersecurity as a service, today released two reports about the use of AI in cybercrime. The first report—“The Dark Side of AI: Large-Scale Scam Campaigns Made Possible by Generative AI”—demonstrates how, in the future, scammers could leverage technology like ChatGPT to conduct fraud on a massive scale with minimal technical skills. However, a second report, titled “Cybercriminals Can’t Agree on GPTs,” found that, despite AI’s potential, rather than embracing large language models (LLMs) like ChatGPT, some cybercriminals are skeptical and even concerned about using AI for their attacks.
The Dark Side of AI
Using a simple e-commerce template and LLM tools like GPT-4, Sophos X-Ops was able to build a fully functioning website with AI-generated images, audio, and product descriptions, as well as a fake Facebook login and fake checkout page to steal users’ login credentials and credit card details. The website required minimal technical knowledge to create and operate, and, using the same tool, Sophos X-Ops was able to create hundreds of similar websites in minutes with one button.
“It’s natural—and expected—for criminals to turn to new technology for automation. The original creation of spam emails was a critical step in scamming technology because it changed the scale of the playing field. New AIs are poised to do the same; if an AI technology exists that can create complete, automated threats, people will eventually use it. We have already seen the integration of generative AI elements in classic scams, such as AI-generated text or photographs to lure victims.
“However, part of the reason we conducted this research was to get ahead of the criminals. By creating a system for large-scale fraudulent website generation that is more advanced than the tools criminals are currently using, we have a unique opportunity to analyze and prepare for the threat before it proliferates,” said Ben Gelman, senior data scientist, Sophos.
Cybercriminals Can’t Agree on GPTs
For its research into attacker attitudes towards AI, Sophos X-Ops examined four prominent dark web forums for LLM-related discussions. While cybercriminals’ AI use appears to be in its early stages, threat actors on the dark web are discussing its potential when it comes to social engineering. Sophos X-Ops has already witnessed the use of AI in romance-based, crypto scams.
In addition, Sophos X-Ops found that the majority of posts were related to compromised ChatGPT accounts for sale and “jailbreaks”—ways to circumvent the protections built into LLMs, so cybercriminals can abuse them for malicious purposes. Sophos X-Ops also found ten ChatGPT-derivatives that the creators claimed could be used to launch cyber-attacks and develop malware. However, threat actors had mixed reactions to these derivatives and other malicious applications of LLMs, with many criminals expressing concern that the creators of the ChatGPT imitators were trying to scam them.
“While there’s been significant concern about the abuse of AI and LLMs by cybercriminals since the release of ChatGPT, our research has found that, so far, threat actors are more skeptical than enthused. Across two of the four forums on the dark web we examined, we only found 100 posts on AI. Compare that to cryptocurrency where we found 1,000 posts for the same period.
“We did see some cybercriminals attempting to create malware or attack tools using LLMs, but the results were rudimentary and often met with skepticism from other users. In one case, a threat actor, eager to showcase the potential of ChatGPT inadvertently revealed significant information about his real identity. We even found numerous ‘thought pieces’ about the potential negative effects of AI on society and the ethical implications of its use. In other words, at least for now, it seems that cybercriminals are having the same debates about LLMs as the rest of us,” said Christopher Budd, director, X-Ops research, Sophos.
For more about AI-generated scam websites and threat actors’ attitudes to LLMs, read The Dark Side of AI: Large-Scale Scam Campaigns Made Possible by Generative AI and Cybercriminals Can’t Agree on GPTs on Sophos.com.
Last week, OnePlus the global technology brand announced the dates of the groundbreaking musical extravaganza, the OnePlus AI Music Festival. Today, OnePlus has announced an electrifying lineup of diverse artists to grace the stage. This gathering will showcase a blend of global talents, promising an unparalleled fusion of music styles and genres.
India’s biggest Independent Artist, Producer & DJ – Ritviz will join the star-studded list of artists. Few Indian artists have experienced the meteoric rise to fame that 27-year-old Ritviz Srivastava has, and even fewer have been able to sustain that popularity. Effortlessly blended elements of Indian traditional music, hip-hop and electronica, he is currently the highest-streamed Indian indie artist on Spotify garnering 1 billion+ streams across audio and video platforms.
Also on the programming is Swedish, Producer and DJ – Diorange. Diorange’s distinctive sonic landscape celebrates different languages and genres, creating a sound that is truly global. With an impressive track record of over 200 million views across various content platforms, his meteoric rise is exemplified by headlining performances at key events in India and Sweden and touring across India.
In the all-star roster is also Kayan – Ambika Nayak’s musical alter ego. A multifaceted artist – singer, producer-DJ, model, actor, and voiceover artist – Kayan effortlessly navigates musical terrains spanning soul, electronic, pop, and R&B. Renowned for her captivating performances, she’s graced prestigious stages worldwide, including NH7 Weekender, Zomaland, YouTube Fan Fest 2023, and the inaugural Lollapalooza India.
Adding to the festival’s diverse soundscape is Lost Stories, comprising Prayag Mehta and Rishab Joshi, dubbed the “Scene Starters” by DJ Mag. Their distinctive amalgamation of ethnic and folk music with electronica has captivated audiences globally. As the first Indians to perform four times at Tomorrowland Music Festival, including sets at Tiesto’s Musical Freedom stage and Dimitri Vegas & Like Mike’s Smash The House stage, Lost Stories continue to push boundaries in the electronic music landscape.
The lineup also features the dynamic duo Pro Bros, Sunny Sharma, and Karan Bhalla. Regarded as pioneers in India’s Electronic Music scene, their high-energy live performances have become a hallmark. Their repertoire includes chart-topping releases like ‘Take My Breath Away’ on Tiesto’s Musical Freedom/Spinnin’ Records and ‘F.U.T.S.’ on Chuckie’s label, Dirty Dutch Digital. Along with this, their song with Raghu Dixit, “Sajanaa” has garnered more than 5M+ views and streams. Pro Bros are popularly nick-named as ‘Mashup Masters’ which is only fair because they’ve released 100+ mashups which have been played by 1000+ DJs around the globe.
This curated lineup of artists represents a convergence of global talent, promising an unforgettable sonic journey for attendees at the OnePlus AI Music Festival. Stay tuned for more updates and surprises as the event approaches.
Sahara Star, a leading luxury hotel in the heart of the city, is delighted to announce the appointment Santanu Sarkar as the new Hotel Manager. He brings in an exemplary experience of over 15 years in managing several aspects of hotel’s operations to his new position at Sahara Star.
Sarkar is a highly goal-oriented leader with a substantial experience in hospitality and will play a pivotal role in overseeing all aspects of hotel operations, from guest satisfaction, operational efficiency, innovation & adaption and staff management to financial performance and community relations. With a proven track record of leadership and a passion for delivering exceptional hospitality, Sarkar is well-poised to enhance the hotel’s reputation as a premier destination for business and leisure travellers.
Commenting on the appointment, Mr. Salil Fadnis, General Manager, Sahara Star, “We are thrilled to welcome Santanu Sarkar as a vital member of our leadership team, collaborating closely with us to elevate our hotel into a premier luxury destination by enriching the guest journey with captivating sensorial experiences.”
Sarkar started his career with Hyatt Gachibowli where he joined as a Team Member in Food and Beverage Service Department. Post that he has contributed towards the success of various teams in association with reputed brands like Taj Group of Hotels Resorts and Palaces, ITC Welcome Hotel Grandbay, Radisson Blu, Crowne Plaza to name a few. He has completed his 3 years Diploma in Hotel Management & Applied Nutrition from Durgapur Society of Management Science, West Bengal State Council of Technical Education.
As a step towards strengthening the brand’s retail footprint across the country, ASUS India, Taiwanese tech giant today announced the launch of an exclusive store in Gurugram. The new exclusive store is spread across 365 sq. ft. and is set to host an extensive range of electronics and computer hardware, including the ASUS flagship products such as Vivobook, Zenbook, Republic of Gamers (ROG) laptops, Gaming Desktops, All-in-One Desktops, and accessories. This is the brand’s 2nd exclusive store located in Gurgaon taking the total count of 8 AES stores in Haryana.
Talking about the expansion, Jignesh Bhavsar, National Sales Manager – PC & Gaming Business, ASUS India, said, “We are delighted to announce the expansion of our retail footprint in India. Haryana being an important market for us, the inauguration of the new brand store in the promising Tier II city, Gurugram, will play a pivotal step towards empowering consumers across different regions of the country with a unique experience of our latest innovation. With a strategic retail expansion approach, we will continue to create more interaction and new touchpoints for our users.”