RBI to prevent fraud by launching Digital Payments Intelligence Platform

RBI has proposed to set up a Digital Payments Intelligence Platform. This platform will leverage advanced technologies to mitigate payment fraud risks in India. The RBI has formed a committee, chaired by Shri A.P. Hota, former MD & CEO of NPCI, to advance this initiative.

The committee will examine various aspects of establishing this digital public infrastructure and is expected to provide recommendations within two months.

The central bank claimed that over the years, the Reserve Bank of India (RBI) has prioritizes the safety and security of digital payments in India. This focus is crucial for building and maintaining public trust in these systems.

The initiative to establish a platform for network-level intelligence and real-time data sharing across all payment systems sounds promising for combating payment frauds. By pooling together data from various stakeholders in the payment ecosystem, such as banks, payment processors, and payment apps, this platform can provide valuable insights and early warning signals to detect and prevent fraudulent activities more effectively.

Real-time data sharing can enable faster identification of suspicious transactions and patterns, allowing for proactive intervention to mitigate risks. Additionally, network-level intelligence can facilitate the development of more robust fraud detection algorithms and security measures, enhancing the overall security posture of digital payment systems. This new platform will provide data to tackle the issue of payment frauds.