June 7th 2024.
Mumbai: In a move to combat payment fraud risks, the Reserve Bank has announced the establishment of a Digital Payments Intelligence Platform. This platform will utilize advanced technologies to minimize fraudulent activities, as stated by RBI Governor Shaktikanta Das on Friday.
To kickstart this initiative, the Reserve Bank has formed a committee under the guidance of A.P. Hota, former MD & CEO of NPCI. This committee will thoroughly examine all aspects of setting up a digital public infrastructure for the platform and is expected to present its recommendations within two months, according to the RBI Governor.
Das highlighted the fact that many fraudulent activities occur by deceiving unsuspecting individuals into making payments or sharing confidential information. While the payment ecosystem continuously takes measures to safeguard customers from such incidents, there is a need for network-level intelligence and real-time data sharing across all payment systems.
The RBI Governor also mentioned that over the years, the Reserve Bank has implemented multiple measures to ensure the safety and security of digital payments, with the aim of maintaining public trust in these systems. In order to sustain this trust, it is crucial to minimize the occurrence of fraud.
Furthermore, the RBI has been promoting innovation in specific focus areas through annual Hackathons, as part of their efforts to enhance security. As the third edition of their global hackathon, 'HaRBInger 2024 - Innovation for Transformation', is set to be launched, the RBI is inviting solutions that align with the themes of 'Zero Financial Frauds' and 'Being Divyang Friendly'. These solutions should aim to improve the safety and security of digital transactions by detecting, preventing, and combating financial frauds, while also prioritizing inclusivity for individuals with physical disabilities. More details will be announced shortly, according to the RBI Governor.
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