RBI issues stringent guidelines to combat mobile number fraud in digital transactions

The widespread adoption of digital transactions, while providing unparalleled convenience and efficiency, has also led to an increase in fraudulent activities, raising serious concerns that require collective action.

- 

The customer's mobile number has become a key identifier in account authentication and verification processes, serving as the recipient of sensitive payment communications like OTPs, transaction alerts, and account updates. Unfortunately, this same identifier is susceptible to misuse by fraudsters, who exploit it to commit various types of online and other frauds.

To mitigate the risks associated with mobile number misuse, the RBI has advised the Regulated Entities to implement the following measures: