RBI opens sandbox to 6 firms to test anti-fraud solutions

The Reserve Bank of India has selected six entities, including Bahwan Cybertek, Crediwatch Information Analytics and HSBC, for the ‘Test Phase’ under regulatory sandbox for the theme ‘Prevention and Mitigation of Financial Frauds’.

The selected entities will commence testing of their products from February 2023.

RBI said Bahwan Cybertek’s solution ‘rt360 Real Time Monitoring System’ provides a comprehensive surveillance mechanism for monitoring transactions and events from loan accounts on a continuous and real time basis.

Crediwatch Information Analytics solution ‘Crediwatch EWS’ is an early warning system for credit monitoring and fraud identification that looks at data across public and private data sources to uncover early signs of trouble for commercial borrowers, per a central bank statement.

The product of enStage Software (Wibmo)‘s product ‘Trident FRM’ is a risk-based authentication solution aimed at providing frictionless (without OTP) transaction experience for low value transactions based on risk assessment of users, RBI said.