RBI considers new registry to save you from digital frauds

RBI considers new registry to save you from digital frauds The Reserve Bank of India (RBI) intends to establish a fraud registry to compile a thorough database of phoney websites, phone numbers, and other information in order to stop dishonest individuals from defrauding people through online transactions. Anil Kumar Sharma, ED of the RBI, told reporters on Monday that the database will help identify fraudsters. "The creation of the fraud registry has no specified deadline. Currently, we are speaking with a variety of interested parties, including representatives from the RBI's supervision and payments & settlement departments " explained he. Participants in the payment system will have access to this registry for almost real-time fraud monitoring. To inform clients about new hazards, the aggregated fraud data will be made public. "The creation of the fraud registry has no specified deadline. We are currently speaking with several stakeholders, including those from various departments like payments and settlement and RBI supervision," Sharma added. Sharma added that the Reserve Bank-Integrated Ombudsman Scheme, 2021, will apply to Core Investment Company's clients. One Nation One Ombudsman was introduced by Prime Minister Narendra Modi on September 1 of last year. During 2021–2022, the Ombudsman Scheme received roughly 418,000 complaints, of which 97.9% were resolved. Currently, 39% of complaints are about problems with ATM/ debit cards, mobile and electronic banking, and credit cards, with 28% of complaints being about problems with bank loans and advances. Sharma claimed that the majority of complaints are only settled at the entity level in banks.