RBI plans fraud registry

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 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.