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Registry To Check Bank Fraud

Registry To Check Bank Fraud:

The 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 would help prevent fraudsters from repeating the offence 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.
  • Payment system participants would be provided access to this registry for near-real time fraud monitoring.
  • The aggregated fraud data would be published to educate customers on emerging risks.
  • Sharma also said that the customers of the Credit Investment Company (CIC) would come under the Reserve Bank — Integrated Ombudsman Scheme (RB-IOS), 2021.