RBI plans registry to save you from digital frauds

New Delhi, August 30, 2022

Following a spurt in cases, the RBI is planning to set up a "fraud registry" to create a database of websites, phone numbers, email ID and IP addresses used in digital frauds to protect the interests of consumers, while maintaining that only a minuscule proportion of complaints its receives relates to "mis-selling of products".

RBI ED Anil Kumar Sharma told reporters on Monday the database will help keep tabs on fraudsters. "There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders, including different departments like payments & settlement and supervision of the RBI," he said. Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.

Sharma claimed that the RBI ombudsman had received around 4.2 lakh complaints last fiscal and nearly 98% disposed of. A large number of cases were, however, rejected due to multiple reasons, such as duplicate complaints (33%), sub-judice (4%) or not within RBI's purview (3%). Asked about mis-selling, RBI officials maintained that they were a minuscule proportion and suggested that consumers need to read the fine print on products such as insurance, which are hawked by banks as part of efforts to shore up "non-core revenue".

[The Times of India]