In a bid to streamline fraud reporting, enhance efficiency and automate the payments fraud management process, the Reserve Bank of India (RBI) has notified that its fraud reporting module will migrate to DAKSH – Reserve Bank’s Advanced Supervisory Monitoring System, effective January 1, 2023.
The Reserve Bank of India (RBI) operationalised 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.
In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities, namely a maker-checker facility, online screen-based reporting, an option for requesting additional information, a facility to issue alerts/advisories, generation of dashboards and reports, etc.
All RBI-authorised Payment System Operators (PSOs) / providers and payment system participants operating 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. Reporting was earlier facilitated through the Electronic Data Submission Portal (EDSP).