In an effort to streamline reporting, improve effectivity, and automate the fee fraud administration course of, the RBI mentioned the fraud reporting module shall be migrated to DAKSH, the Reserve Bank‘s superior supervisory monitoring system, from January 1. The RBI operationalised the Central Payments Fraud Information Registry (CPFIR) in March 2020 with reporting of fee frauds by scheduled industrial banks and non-bank Prepaid Payment Instrument (PPI) issuers.
“…entities shall begin reporting of fee frauds in DAKSH from this date (January 01, 2023),” the central financial institution mentioned in a round.
Along with the prevailing bulk add facility to report fee frauds, DAKSH supplies further functionalities, like a maker-checker facility, on-line screen-based reporting, an choice for requesting further info, the ability to situation alerts/ advisories, technology of dashboards and experiences.
All RBI-authorised Payment System Operators (PSOs) / suppliers and fee system individuals working in India are required to report all fee frauds, together with tried incidents, no matter worth, both reported by their clients or detected by the entities themselves, it added.
This reporting was earlier facilitated by way of Electronic Data Submission Portal (EDSP) and is being migrated to DAKSH.
After going dwell, fee fraud reporting in DAKSH efficient January 01, 2023, entities shall not be capable to report any fee frauds in EDSP, the central financial institution mentioned.
The duty to submit the reported fee fraud transactions shall be of the issuer financial institution/PPI issuer/bank card issuing NBFCs, whose issued fee instrument has been used within the fraud,” the RBI mentioned.
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