06-06-2024 HEAMANTHI PEDDADA

BUSINESS NEWS

RBI to form digital payments intel platform amid spike in cyber frauds

 Cybersecurity Enhancement: The platform aims to enhance cybersecurity measures in

the digital payments ecosystem, addressing the rising threat of cyber fraud.

 Fraud Detection and Prevention: By consolidating data and intelligence, the platform
will facilitate real-time detection and prevention of fraudulent activities.

 Collaborative Effort: The initiative will likely involve collaboration with banks, payment
service providers, and other financial institutions to share information and best practices.

 Regulatory Oversight: Strengthening regulatory oversight, the platform will help the RBI
monitor and enforce compliance with security protocols across the digital payments
landscape.

 Consumer Protection: Improved security measures will boost consumer confidence in

digital payments, protecting users from financial losses due to cyber fraud.

 Technological Integration: The platform may incorporate advanced technologies like AI

and machine learning to analyze transaction patterns and identify anomalies indicative of
fraud.

 Data Sharing Mechanisms: Establishing robust data-sharing mechanisms among

stakeholders will ensure timely and accurate dissemination of threat intelligence.

 Policy Development: Insights gained from the platform can inform the development of
more effective cybersecurity policies and regulations for the digital payments sector.

 Training and Awareness: The initiative could include training programs for financial
institutions and awareness campaigns for consumers to educate them about cyber risks and
safety practices.

 Economic Impact: By reducing fraud, the platform can help sustain the growth of digital
payments in India, contributing to the broader goals of financial inclusion and a digital
economy.