To check banking frauds, RBI mulls setting up of fraud registry

  • RBI executive director Anil Kumar Sharma said that such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted

PTI
First Published30 Aug 2022
RBI is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud.
RBI is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud.

New Delhi: As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud.

Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday.

"There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," he said.

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.

Sharma also said that the customers of the Credit Information Company (CIC) would come under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021.

Prime Minister Narendra Modi last year launched an integrated consumer grievance redressal mechanism for addressing service deficiencies in banking, NBFCs and digital payment systems.

To make the alternate dispute redressal mechanism simpler and more responsive to the customers of regulated entities, the prime minister had launched 'One Nation One Ombudsman'.

Sharing complaints filed under the Ombudsman Scheme, he said, 4.18 lakh complaints were received during 2021-22 as against 3.82 lakh in the previous year. As many as 97.9 per cent cases were cleared last financial year as compared to 96.5 per cent in the preceding year.

Stressing that customers should never share account details with anyone, he said, customers should immediately report any fraud related incidence to the bank to minimise his or her risks.

Do not download any unknown app on your phone or device, he said, adding, always access the official website of a bank, NBFC or e-wallet provider. 

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeIndustryBankingTo check banking frauds, RBI mulls setting up of fraud registry

Most Active Stocks

Bharat Electronics

318.45
06:23 AM | 18 JUN 2024
8.9 (2.88%)

Tata Steel

182.30
06:23 AM | 18 JUN 2024
-0.75 (-0.41%)

State Bank Of India

848.10
06:23 AM | 18 JUN 2024
7.9 (0.94%)

GAIL India

221.50
06:23 AM | 18 JUN 2024
-0.25 (-0.11%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Avanti Feeds

642.50
06:14 AM | 18 JUN 2024
47.1 (7.91%)

Cochin Shipyard

2,287.00
06:14 AM | 18 JUN 2024
165.25 (7.79%)

Schneider Electric Infrastructure

872.20
06:14 AM | 18 JUN 2024
61.9 (7.64%)

Mazagon Dock Shipbuilders

4,166.10
06:14 AM | 18 JUN 2024
291.45 (7.52%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,519.00-431.00
    Chennai
    73,806.00646.00
    Delhi
    73,519.00-144.00
    Kolkata
    73,375.00359.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsloanPremiumGet App