RBI to Migrate Its Payment Fraud Reporting Module to DAKSH from 1st January
Moneylife Digital Team 28 December 2022
To streamline reporting, enhance efficiency and automate the payments fraud management process, the Reserve Bank of India (RBI) has decided to migrate the fraud reporting module to DAKSH – its advanced supervisory monitoring system from 1st January. This reporting was earlier facilitated through the electronic data submission portal (EDSP) and is being migrated to DAKSH.
In a circular, RBI says, "The migration will be effective from 1 January 2023, i.e., entities shall commence reporting of payment frauds in DAKSH from this date. 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 or advisories, and generation of dashboards and reports."
In March 2020, RBI operationalised the central payments fraud information registry (CPFIR) to report payment fraud for scheduled commercial banks and non-bank prepaid payment instrument (PPI) issuers.
All RBI-authorised payment system operators (PSOs) and 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. 
"Entities are required to validate the payment fraud information reported by the customer in their own systems to ensure the authenticity and completeness before reporting the same to RBI on an individual transaction basis. Entities are required to report payment frauds (domestic and international) to CPFIR as per the specified timelines, currently within seven calendar days from date of reporting by customer or date of detection by the entity," the central bank says.
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