RBI Plans Digital Payments Intelligence Platform for Fraud Prevention

RBI to establish Digital Payments Intelligence Platform to curb payment fraud risks in India.

  • RBI to establish Digital Payments Intelligence Platform to curb payment fraud risks in India.
  • Committee led by former NPCI CEO A.P. Hota tasked with examining infrastructure establishment.
  • Platform aims to provide network-level intelligence and real-time data sharing to combat digital payment frauds.

The Reserve Bank of India (RBI) is gearing up to launch a Digital Payments Intelligence Platform to address the rising concerns of payment fraud in India. This initiative aims to leverage advanced technologies to mitigate the risks associated with digital transactions.

To spearhead this effort, RBI has formed a committee chaired by former NPCI CEO A.P. Hota. The committee’s primary task is to assess the establishment of this digital infrastructure and provide recommendations within a span of two months.

With digital payment frauds posing a significant threat to users, the RBI emphasized the need for enhanced measures to ensure the safety and security of digital transactions. The proposed platform will facilitate network-level intelligence and real-time data sharing across various payment systems to combat fraud effectively.

Industry experts have welcomed RBI’s initiative, acknowledging the pressing need for a comprehensive approach to tackle digital payment frauds. The platform is expected to provide vital additional information on frauds, enhancing the efficacy of digital credit analytics and bolstering the security of digital transactions in India.