RBI, Banks Join Hands to Combat Digital Frauds

In a bid to rein in the increasing incidence of digital payment frauds, major public and private sector banks have been roped in to develop a digital payment intelligence platform (DPIP) as a digital public infrastructure (DPI) under the supervision and guidance of the Reserve Bank of India (RBI).

- PRESS TRUST OF INDIA

The proposed platform seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions, sources said. The institutional structure of the proposed entity would be created with the help of both public sector and private sector lenders as fraud is a common monster.