The New Delhi Declaration, signed by member countries at the 18th Brics Summit, has expressed “serious concerns” over the rampant proliferation of organised cross-border fraud operations, including the exploitation of digital technologies and payment systems to target vulnerable individuals.

The declaration, agreed upon by member countries Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates, as well as other participating countries, has highlighted that there is an urgent need to have “coordinated international action” in order to dismantle these fraud networks, track and recover the proceeds from such crimes, and protect victims.

“We encourage enhanced cooperation in strengthening digital financial security, including prevention of fraud in cross-border payment systems,” the New Delhi Declaration read.

The joint declaration by countries on cross-border fraud, especially through payment systems, is likely the first time that the issue has been raised at such a forum.

While several countries have faced this issue for some time, the rise of organised crime rackets that trick people into working against their will to defraud others has been a major concern for countries such as India.

Beyond cooperation on tackling cyber and digital payments fraud, the Brics member nations and other participating countries also agreed to enhance cooperation to ensure fair and equitable access to frontier AI for everyone.

The member countries have also agreed that, while promoting access to AI for everyone, it should also be ensured that such resources are safe, secure, reliable and inclusive.

“We recognise that Artificial Intelligence presents immense opportunity to stimulate economic growth and sustainable development for all,” the joint declaration signed by the countries said.

Recognising the importance of conducting Brics-wide cyber exercises and drills, the member countries have also highlighted “collective and coordinated approaches, mutual learning and practical cooperation in strengthening cyber resilience in the financial sector”.