Banks Unite to Combat Digital Payment Frauds with New Intelligence Platform

Major banks are collaborating with the Reserve Bank of India to create the Digital Payment Intelligence Platform to tackle increasing digital payment frauds. This digital infrastructure aims to prevent fraud by facilitating real-time data sharing and analysis. The platform's prototype is in development with advanced technology.

Major banks, both public and private, are joining forces with the Reserve Bank of India (RBI) to develop the Digital Payment Intelligence Platform (DPIP), a significant move aimed at curbing the rising tide of digital payment frauds.

The platform, which falls under the Digital Public Infrastructure initiative, is designed to enhance fraud risk management by allowing real-time intelligence sharing and collection. This is expected to prevent fraudulent digital transactions.

The Reserve Bank Innovation Hub is currently working on a prototype of the DPIP in collaboration with several banks, aiming for its operational launch within a few months, amidst increasing bank fraud figures noted in the latest RBI report.

(With inputs from agencies.)