e-commerce
Clickbait or click safe? McAfee warns of AI-fuelled scam storm this Prime Day
MUMBAI: As India gears up to shop till it drops during Prime Day 2025, McAfee’s Global Prime Day Scams Study is throwing cold water on the online frenzy. With 96 per cent of Indians saying they’ll hit digital carts this year, scammers are salivating and they’ve got AI-powered cons in their arsenal.
From over 36,000 fake Amazon websites to 75,000 scam texts impersonating delivery updates or refund alerts, McAfee Labs says cybercriminals are using deepfakes and urgency tactics to trick even the savviest shoppers.
The report reveals a sobering stat: 71 per cent of Indians are more worried about AI-generated scams now than ever. And rightly so 80 per cent of scam victims reported losing over Rs 40,000, with young shoppers (18–24) being the most frequent targets, especially on social media.
“Indian shoppers, who embrace online deals and social platforms, are increasingly falling prey to scams driven by urgency and persuasion,” said McAfee senior director of engineering, Pratim Mukherjee. “Prime Day is a time of excitement for Indian shoppers, but it has also become a prime target for scammers using AI to create hyper-personalized, convincing attacks that push people to click before they think. While many shoppers are taking precautions, the rise of AI-powered scams makes it more important than ever to stay vigilant.”
Scammers are going high-tech, using deepfakes of influencers and celebrities, as well as flashy social media ads from dodgy “brands” offering too-good-to-be-true deals. One in five victims didn’t even report their losses, citing embarrassment and psychological distress, a stark reminder that online fraud cuts deeper than just wallets.
And the fear is changing habits: 33 per cent of Indians say scam anxiety has made them abandon a purchase, and 27 per cent plan to shop less during Prime Day altogether.
But there’s hope. Nearly half of all shoppers (49 per cent) said they’d consider using a scam detection tool to keep fraudsters at bay. As India barrels into an era of digital-first retail, the message is clear. Click with caution, and think before you tap.
e-commerce
American Express to acquire AI startup Hyper to boost automation
Deal targets expense management as AI reshapes corporate spending tools.
MUMBAI: From receipts to robots, the expense sheet is getting a brain upgrade as American Express moves to bring artificial intelligence into the heart of corporate spending. The company has announced plans to acquire Hyper, a relatively young but fast-rising startup founded in 2022 that builds AI-powered agents capable of organising expenses, generating reports, verifying compliance with budgets and policies, and nudging users with timely reminders. The deal, expected to close in the second quarter of 2026, underscores a growing shift among financial institutions to automate traditionally manual, time-heavy workflows.
Hyper counts Sam Altman among its backers, adding a layer of Silicon Valley credibility to the acquisition. While financial details remain undisclosed, the strategic intent is clear: deepen automation capabilities and sharpen American Express’s position in the competitive corporate spending ecosystem.
The two companies are not strangers. They previously collaborated in 2024 on a co-branded credit card product, suggesting that the acquisition is less a cold buy and more an extension of an existing relationship. With this move, American Express is effectively bringing that capability in-house, aiming to embed AI directly into its commercial services stack.
Chief executive Stephen Squeri had already signalled the direction of travel in a recent shareholder letter, describing AI as a “structural shift” in how businesses operate. The Hyper acquisition appears to be a direct response to that shift, particularly in expense management, where processes such as approvals, compliance checks and reporting remain ripe for automation.
Alongside the acquisition, the company is also expanding its product suite. A recently launched business credit card offers cashback and benefits at an annual fee of $295, with another card expected later this year moves that complement its broader push into commercial services.
Taken together, the strategy points to a future where managing expenses may require fewer spreadsheets and more algorithms. For American Express, the bet is simple, if businesses are rethinking how work gets done, the tools that power that work need to evolve just as quickly.
