RBI to use data analytics to prevent frauds |
Taking measures to identify cases of fraud and help instant response and recovery actions, the Reserve Bank of India will promote the use of data analytics. Actions like blocking irregular transactions before payment authorisation could be used, as part of the central bank`s vision 2019-2021 for payments and settlements systems in the e-payments space, which aims to deepen electronic payments and over time reduce the demand for cash. The Vision 2021`s four goals are expected to usher in ease for the customers and improve efficiency in e-payments and settlements. The measures include harmonising the turnaround time for resolution of customer complaints. The vision comes with 36 specific action points over the 36-month time frame. There is a need to share fraud-related data for payment systems. Such data can be used analytically for differentiating fraudulent and legitimate transactions; oversight and supervision, and also for providing guidelines to entities for minimising risks of similar frauds.
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