RBI to set up central registry for tracking frauds in payment systems
Posted On : Friday, August 9, 2019, 10:23 AM
The Reserve Bank of India has decided to set a Central Payment Fraud Registry to track frauds in the payment systems. Payment system participants will be provided access to this registry for near-real time fraud monitoring, the central bank said. The aggregated fraud data will be published to educate customers on emerging risks. Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank. "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 have assumed importance," the RBI said.