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RBI to set up real-time digital fraud tracking registry

RBI has announced that a new Central Fraud Registry is being set up to facilitate real-time tracking of digital payment frauds.

This mechanism is will help create awareness about the performance of payment operators and instill confidence among customers. 

“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,” said RBI Governor Shaktikanta Das.

Banks already report banking frauds to the RBI, however, the new registry will extend its scope to other payment operators as well.