Digital payments intelligence platform soon to curb fraud

Last Updated10/06/2024

The Reserve Bank of India plans to set up a centralized digital payments intelligence platform for sharing data on a real-time basis aimed at detecting fraud.

Governor of RBI, said growing instances of digital payment frauds highlight the need for a system-wide approach to prevent and mitigate digital frauds.
It is, therefore, proposed to establish a digital payments intelligence platform which can share date on data real-time across the digital payments’ ecosystem
RBI has constituted a committee to examine various aspects of setting up the platform.
This would also be significant in bolstering customer confidence and boosting financial inclusion
The comprehensive measures will empower the industry to deliver a more secure and trusted digital ecosystem for all.

Digital payment fraud has witnessed a sharp jump of over five-fold to a record in the fiscal year ended March 2024, according to the RBI annual report.
The alarming increase coincides with explosive growth of 137 per cent in UPI transactions in the past two years to touch ₹200-lakh crore, as per RBI data.
Digital payments, including card and internet transactions, accounted for 10 per cent of the total fraud amount in FY24, an increase from 1.1 per cent in the previous fiscal year.