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The Reserve Bank of India (RBI) said on Monday that it is migrating the payments fraud reporting module to Daksh, RBI’s advanced supervisory management system, on January 1, 2023, to streamline reporting, enhance efficiency and automate the payments fraud management process.
“In addition to the existing bulk upload facility to report payment frauds, Daksh provides additional functionalities, viz. maker-checker facility, online screen-based reporting, option for requesting additional information, facility to issue alerts / advisories, generation of dashboards and reports, etc,” the RBI said in its circular to the top honchos of banks, non-bank payment system operators, and credit card-issuing NBFCs.
In its circular, RBI has laid down guidelines under which all authorised Payment System Operators (PSOs) and payment system participants in India are required to report all payment frauds, including attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves. This reporting was earlier facilitated through Electronic Data Submission Portal (EDSP) and is being moved to Daksh.
According to the central bank, the onus of submitting the reported payment fraud transactions would vest on the issuer bank, PPI issuer or credit card-issuing NBFCs whose issued payment instrument has been used in the fraud.
Entities are also required to validate the payment fraud information reported by the customer in their own systems to ensure authenticity and completeness, before reporting it to RBI on individual transaction basis.
Further, they are required to report payment frauds (domestic and international) to Central Payments Fraud Information Registry (CPFIR) within seven calendar days from date of reporting by customer / date of detection by the entity.
The CPFIR was operationalised by the RBI in March 2020 with reporting of payment frauds by scheduled commercial banks and non-bank PPI issuers.
“After payment fraud reporting on Daksh goes live on January 1, 2023, entities would not be able to report any payment frauds in EDSP. Entities may, however, continue to update and close payment frauds that were reported in EDSP until December 31, 2022. Reserve Bank shall subsequently migrate the historical data from EDSP to Daksh”, RBI said.
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