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Payment system operators to report fraud on RBI’s DAKSH from Jan 1


Mumbai: With a view to streamline reporting, improve effectivity and automate the funds fraud administration course of, the RBI on Monday stated the fraud reporting module can be migrated to DAKSH — the Reserve Financial institution’s superior supervisory monitoring system — from January 1. The RBI operationalised the Central Funds Fraud Info Registry (CPFIR) in March 2020 with reporting of payment frauds by scheduled industrial banks and non-bank Pay as you go Fee Instrument (PPI) issuers.

“…entities shall start reporting of cost frauds in DAKSH from this date (January 01, 2023),” the central financial institution stated in a round.

Along with the prevailing bulk add facility to report cost frauds, DAKSH gives further functionalities, like a maker-checker facility, on-line screen-based reporting, an possibility for requesting further info, the power to challenge alerts/ advisories, technology of dashboards and reviews.

All RBI-authorised Fee System Operators (PSOs) / suppliers and cost system individuals working in India are required to report all cost frauds, together with tried incidents, regardless of worth, both reported by their prospects or detected by the entities themselves, it added.

This reporting was earlier facilitated by means of Digital Information Submission Portal (EDSP) and is being migrated to DAKSH.

After going reside, cost fraud reporting in DAKSH efficient January 01, 2023, entities shall not have the ability to report any cost frauds in EDSP, the central financial institution stated.

The duty to submit the reported cost fraud transactions shall be of the issuer financial institution/PPI issuer/bank card issuing NBFCs, whose issued cost instrument has been used within the fraud,” the RBI stated.



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