On December 26, 2022, the Reserve Bank of India (“RBI”) issued a circular for migration of reporting of payment frauds to DAKSH – RBI’s Advanced Supervisory Monitoring System (“Circular”).
The RBI had operationalized the Central Payments Fraud Information Registry (“CPFIR”) in March 2020 with reporting of payment frauds by scheduled commercial banks and non-bank Prepaid Payment Instrument (“PPI”) issuers. This reporting was earlier facilitated through Electronic Data Submission Portal (“EDSP”).
The Circular states that in order to streamline reporting, enhance efficiency and automate the payments fraud management process, the fraud reporting module is being migrated from EDSP to DAKSH. The migration will be effective from January 1, 2023, i.e., entities shall commence reporting of payment frauds in DAKSH from January 1, 2023.
In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities, such as maker-checker facility, online screen-based reporting, option for requesting additional information, facility to issue alerts/advisories, generation of dashboards and reports, etc.
The Annex to the Circular mentions the reporting guidelines for CPFIR. A few important ones are mentioned below:
The afore-mentioned migration is expected to streamline and automate the payment fraud management process, which in turn would, eventually lead to an enhanced cyber safety for customers.
Please find a copy of the Circular, here.
This update has been contributed by Prashanth Sabeshan (Partner) and Smriti Tripathi (Senior Associate).
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