In order to streamline reporting, enhance effectivity and automate the cost fraud administration course of, the RBI mentioned Monday that the fraud reporting module will probably be migrated to DAKSH, the Bank’s superior supervisory monitoring system. Reserve, from January 1st. The RBI launched the Central Payment Fraud Information Registry (CPFIR) in March 2020 with reviews of cost fraud by scheduled industrial banks and non-financial institution Prepaid Payment Instrument (PPI) issuers.
“…entities will start reporting payment frauds in DAKSH from this date (January 1, 2023),” the central financial institution mentioned in a round.
In addition to the present bulk add facility for reporting cost fraud, DAKSH offers extra functionalities akin to a producer verification facility, on-line on-display reporting, an choice to request extra data, the power to challenge alerts/notices, era of dashboards and reviews.
All RBI Authorized Payment System Operators (PSOs)/Vendors and Payment System Participants working in India are required to report all Payment Fraud together with tried incidents, no matter worth, whether or not reported by their clients or detected by the entities themselves, he added.
This report was beforehand offered by way of the Electronic Data Submission Portal (EDSP) and is being migrated to DAKSH.
After the go-dwell, cost fraud reporting on DAKSH from January 1, 2023, entities won’t be able to report any cost fraud on EDSP, the central financial institution mentioned.
The duty for submitting reported cost fraud transactions will relaxation with the issuing financial institution/PPI issuing financial institution/NBFC issuing bank card, whose issued cost instrument has been used within the fraud,” the RBI mentioned.