#FactCheck - "Deepfake Video Falsely Claims Justin Trudeau Endorses Investment Project”

Introduction

In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.

The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.

Central Bank Digital Currency Pilot Projects

Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.

CBDC in International Payments

He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.  

"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.

CBDCs' Place in the Transnational Economic Revolution

In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.

CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.

The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.

Deposits of Foreign Exchange and Self-Dependency

Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles," 

Involvement of RBI in the Currency Market

Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.

The Value of Macroeconomic and Budgetary Cooperation

According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.

Conclusion

India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.

References

• https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
• https://www.bis.org/cpmi/publ/d174.pdf
• https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
• https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
• https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html

Introduction

Emerging technologies in the digital era have made their inroads in manifold domains and locations, including the “Aviation industry”. A 2022 Cranfield University and Inmarsat report has made the point for digitalization powering a reviving age for the aviation industry. Several airport authorities are presently mobilizing power of emerging technologies such as Artificial Intelligence (AI) across the airport bedrock to provide travelers with a plain sailing and expeditious air travel experience.

The Perils of Juice-Jacking

Today, Universal Serial Bus (USB) charging ports are ubiquitous and a convenient way for travelers to keep their devices powered up. In their busy, mundane lives, people use the public charging facility while travelling. However, cybersecurity experts have warned that charging in public areas could wipe off data from an electronic device or install malware, and they have urged people to stay away from USB charging ports at airports and other public areas. This leads to the possibility that fraudsters may manipulate susceptible users via juice jacking.

Investigative journalist Brian Krebs in 2011 coined the term "Juice Jacking". It isa form of cyber attack where a public USB charging port is fiddled with and infected using hardware and software changes to pocket data or install malware on devices connected to it. The term “juice jacking” is a slang representation for electric power or energy, and “hijacking” indicates an unauthorized key toa device.

While the preliminary purpose of juice jacking is usually to pilfer sensitive information from corresponding devices, such as passwords and payment card details, attackers can exploit this stolen information to attain unauthorized to your financial accounts. If the adversary attacker installs malware in the electronic device during the juice jacking strategy, the attacker may further observe the individual's movements even after one has disconnected the device from the USB port. However, the hazards of Juice Jacking include malware infection, data heist, economic loss and damage to the reputation of an individual.

RedFlags from Agencies

In2023, the Federal Bureau of Investigation (FBI) forewarned travelers against using charging stations in public zones such as hotels, airports, and shopping malls due to malicious actors attempting to use the public USB to introduce monitoring software and malware into devices. The U.S. Federal Communications Commission (FCC) has also administered a new advisory regarding “juice jacking "and its possibility of launching a hushed cyber attack against a mobile gadget while one is charging the phone with a USB cord. Similarly, according to new research from International Business Machines (IBM) Security, many nation-state hackers are currently training their eyes on travelers.

RBI Advisory

Recently in 2024, The Reserve Bank of India (RBI) has likewise administered a warning statement to mobile phone users urging them against charging their devices using public ports. RBI has additionally accentuated the importance of safeguarding private and financial data while using mobile devices. Juice jacking is further cited as one of the scams in the RBI booklet on the modus operandi of financial fraudsters in the financial space.

Preventing juice jacking attacks

The routes to avoid Juice Jacking are to keep a tab on the USB devices, not use the public charging ports, update the phone software regularly, enable and utilize the software security measures of the device, use a USB pass-through device, a wall outlet, or a backup battery; never use unknown charging cables and use only the trusted security apps. It is further important to avoid using cables that are left behind by other travelers in any public space. Users can correspondingly turn off their devices before connecting to a wary charging port. Nevertheless, the absence of documented cases does not necessarily imply that users cannot be a target of such an attack and a warning is still recommended when securing personal gadgets with susceptible user data while using standard cables. Also, using a virtual private network (VPN) and assuring that devices have the updated security updates established can aid in mitigating the danger of cyber attacks. It is equally important to utilize the security features of your device, such as passcodes, fingerprints, or facial recognition, enabled to count as a supplementary layer of safeguard.

Conclusion

In the contemporary digital age, individuals, on the whole, need to be vigilant about “Cybersecurity hygiene” and avoid accessing susceptible data or conducting financial transactions on unsecured networks. Mobile phones or devices should run on the latest operating system, and antivirus software should be revamped to mitigate conceivable security susceptibilities.

References

• https://www.forbes.com/sites/suzannerowankelleher/2023/04/20/juice-jacking-malware-phone-airports-hotels/?sh=47adab7e82ed
• https://www.businessairportinternational.com/features/how-ai-is-improving-business-aviation-operations.html
• https://www.news18.com/business/juice-jacking-attack-scam-bank-frauds-india-8412037.html
• https://www.comparitech.com/blog/information-security/juice-jacking/
• https://blogs.blackberry.com/en/2023/04/juice-jacking-advisory
• https://www.thehindubusinessline.com/info-tech/juice-jacking-rbi-issues-warning-against-charging-mobile-phones-using-public-ports/article67895091.ece
• https://www.thehindu.com/sci-tech/technology/juice-jacking-how-hackers-target-smartphones-tethered-to-public-charging-points/article67026433.ece
• https://www.forbes.com/sites/suzannerowankelleher/2019/05/21/why-you-should-never-use-airport-usb-charging-stations/?sh=630f026a5955
• https://edition.cnn.com/2023/04/12/tech/fbi-public-charging-port-warning/index.html
• https://social-innovation.hitachi/en-in/knowledge-hub/hitachi-voice/digital-transformation/
• https://www.inmarsat.com/en/insights/aviation/2022/future-aviation-connectivity.html

Executive Summary:

The viral social media posts circulating several photos of Indian Army soldiers eating their lunch in the extremely hot weather near the border area in Barmer/ Jaisalmer, Rajasthan, have been detected as AI generated and proven to be false. The images contain various faults such as missing shadows, distorted hand positioning and misrepresentation of the Indian flag and soldiers body features. The various AI generated tools were also used to validate the same. Before sharing any pictures in social media, it is necessary to validate the originality to avoid misinformation.

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Claims:

The photographs of Indian Army soldiers having their lunch in extreme high temperatures at the border area near to the district of Barmer/Jaisalmer, Rajasthan have been circulated through social media.

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Fact Check:

Upon the study of the given images, it can be observed that the images have a lot of similar anomalies that are usually found in any AI generated image. The abnormalities are lack of accuracy in the body features of the soldiers, the national flag with the wrong combination of colors, the unusual size of spoon, and the absence of Army soldiers’ shadows.

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Additionally it is noticed that the flag on Indian soldiers’ shoulder appears wrong and it is not the traditional tricolor pattern. Another anomaly, soldiers with three arms, strengtheness the idea of the AI generated image. 

Furthermore, we used the HIVE AI image detection tool and it was found that each photo was generated using an Artificial Intelligence algorithm.

We also checked with another AI Image detection tool named Isitai, it was also found to be AI-generated.

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After thorough analysis, it was found that the claim made in each of the viral posts is misleading and fake, the recent viral images of Indian Army soldiers eating food on the border  in the extremely  hot afternoon of Badmer were generated using the AI Image creation tool.

Conclusion:

In conclusion, the analysis of the viral photographs claiming to show Indian army soldiers having their lunch in scorching heat in Barmer, Rajasthan reveals many anomalies consistent with AI-generated images. The absence of shadows, distorted hand placement, irregular showing of the Indian flag, and the presence of an extra arm on a soldier, all point to the fact that  the images are artificially created. Therefore, the claim that this image captures real-life events is debunked, emphasizing the importance of analyzing and fact-checking before sharing in the era of common widespread digital misinformation.

• Claim: The photo shows Indian army soldiers having their lunch in extreme heat near the border area in Barmer/Jaisalmer, Rajasthan.
• Claimed on: X (formerly known as Twitter), Instagram, Facebook
• Fact Check: Fake & Misleading