RBI to set up Central Fraud Registry to monitor online payments

To monitor digital payments related to frauds in real-time basis, the Reserve Bank of India (RBI) Governor Shaktikanta Das has said that Central Payment Fraud Registry will be created. This move is expected to give confidence to customers for making payments online from individual operators.

RBI

The apex bank said during the Monetary Policy press conference that, “In order to carry forward these efforts and ensure quick and systemic responses, it is proposed to facilitate the creation of a Central Payment Fraud Registry that will track these frauds. Payment system participants will be provided access to this registry for near-real-time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.”

The governor said that a detailed framework on the same would be released in October by the regulators.

The banks currently have to report all the banking frauds to the Central Fraud Monitoring Cell of the apex Bank. The proposed move may extend a platform to all the payment operators.

The Governor said, “With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring and management by the stakeholders has assumed importance.”

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