RBI acts to prevent digital payment frauds: Digital payment intelligence platform to come soon
digital payments frauds, the Reserve Bank of India (RBI) has proposed to set up a digital payments intelligence platform. RBI Governor Shaktikanta Das announced on June 7, 2024, «The Reserve Bank has taken a number of measures over the years to deepen digital payments while ensuring their safety and security.
These measures boosted consumers' confidence. Growing instances of digital frauds however highlight the need for a system-wide approach to prevent and mitigate such frauds.
It is therefore proposed to establish a digital payments intelligence platform for network-level intelligence and real-time data sharing across the digital payments ecosystem. To take this initiative forward, the Reserve Bank of India has constituted a committee to examine various aspects of setting up this platform.»
Digital payment fraud in India has witnessed a staggering surge, jumping more than fivefold to a record 14.57 billion rupees ($175 million) in the fiscal year ending March 2024, according to the Reserve Bank of India's (RBI) annual report.
