Nithin Kamath: In a video uploaded on Wednesday, co-founder and CEO of Zerodha Nithin Kamath deceived viewers into thinking it was Kamath himself, thanks to his convincing deepfake. The intention, according to him, was to draw attention to the growing threat that artificial intelligence (AI) presents.
Zerodha CEO Nithin Kamath shares his own deepfake video
In the video, Kamath’s deepfake discusses how tough it is to confirm customers’ identities as digitization takes central stage.
Kamath said, “The tipping point for Indian financial services businesses was when onboarding became completely digital, thanks to Aadhaar, etc. For businesses onboarding a new customer, an important aspect is ensuring that the documents and the person opening the account are real.”
He emphasised that the procedure as it stands now entails using Digilocker or Aadhaar to retrieve the ID or address proof data from the source, then using a camera to compare the face from this ID proof with the individual registering the account. To ensure authenticity and vitality, multiple inspections are in place.
Additionally, Kamath warns, “As the deepfakes improve, I think it will only become harder over time to validate if the person on the other side is real or AI-generated. This problem will be bigger for banks that have more stringent regulatory requirements during onboarding.”
He also emphasised the possible effects on laws and the expansion of the sector, “It will be interesting to see how the regulations around this evolve. Going back to the physical way of opening accounts will bring the growth of the entire sector to an abrupt stop.”
The government steps in
The Indian Government has emphasised that it has a zero-tolerance attitude towards any online information that is demonstrably untrue, misleading, or hostile to national security, even as lawmakers around the world continue to express concern over AI-driven deepfakes.
The dissemination of misinformation on social media platforms and the creation of deepfakes have been addressed by the IT Ministry with advisories earlier this month, asking social media intermediaries to ensure 100% compliance.
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