IANS | 08 Jun, 2024
The Reserve Bank has decided to set up a Digital Payments Intelligence
Platform which will harness advanced technologies to reduce payment fraud
risks, RBI Governor Shaktikanta Das said on Friday.
To take this initiative forward, the Reserve Bank has constituted a
committee headed by A.P. Hota, former MD & CEO, NPCI, to examine
various aspects of setting up a digital public infrastructure for the platform.
The Committee is expected to give its recommendations within two months, the
RBI Governor said.
He explained that many frauds occur by influencing unsuspecting victims
to make the payment or share credentials. While the payment ecosystem (banks,
NPCI, card networks, payment aggregators, and payment apps) takes various
measures on an ongoing basis to protect customers from such frauds, there is a
need for network-level intelligence and real-time data sharing across payment
systems.
Das said the Reserve Bank, over the years, has undertaken a number of
measures for the safety and security of digital payments to maintain public
confidence in digital payment systems. Sustaining such confidence would require
minimising the incidence of fraud.
He also said that the RBI has been encouraging innovation in identified
focus areas through its annual Hackathons as part of the steps to enhance
security.
“The third edition of our global hackathon, ‘HaRBInger 2024 – Innovation
for Transformation’ will be launched with two overarching themes viz., ‘Zero
Financial Frauds’ and ‘Being Divyang Friendly’. Solutions aimed at enhancing
the safety and security of digital transactions with a focus on detecting,
preventing and combating financial frauds, as well as prioritising inclusivity
for persons with physical disabilities, will be invited as part of HaRBInger
2024. Further details in this regard shall be released shortly,” the RBI
Governor said.