The RBI said that the Central Payments Fraud Information Registry would be migrated to its advanced supervisory monitoring system DAKSH to streamline reporting
Scheduled commercial banks and non-bank prepaid payment instrument (PPI) issuers are required to report payment frauds, including attempted incidents, irrespective of value
Amazon Pay, EBIXCASH, Ola Money and Mobikwik wallet are some of the authorised PPI issuers in the country
The Reserve Bank of India (RBI) has decided to migrate the Central Payments Fraud Information Registry (CPFIR), through which scheduled commercial banks and non-bank prepaid payment instrument (PPI) issuers report payment frauds, to its advanced supervisory monitoring system DAKSH from January 1, 2023.
In a circular, the central bank said that the move is an attempt to streamline reporting, enhance efficiency, and automate the payments fraud management process.
“The migration will be effective from January 01, 2023, i.e., entities shall commence reporting of payment frauds in DAKSH from this date,” the circular said.
In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities such as 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, among others.
All RBI-authorised payment system operators/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.
Amazon Pay, EBIXCASH, Ola Money and Mobikwik wallet are some of the authorised PPI issuers in the country.
Earlier, the reporting of frauds was facilitated through Electronic Data Submission Portal (EDSP), which is now being migrated to DAKSH.
The RBI operationalised the Central Payments Fraud Information Registry (CPFIR) in March 2020 for reporting of payment frauds by scheduled commercial banks and non-bank PPI issuers.
In the latest CPFIR reporting guidelines, the RBI said, “The responsibility to submit the reported payment fraud transactions shall be of the issuer bank/PPI issuer/credit card issuing NBFCs, whose issued payment instrument has been used in the fraud.”
It said that after payment fraud reporting goes live in DAKSH from January 1, entities will 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, it added.
