The Reserve Bank of India (RBI) is mulling setting up a fraud registry to compile a database of dubious websites, fake phone numbers, and various digital fraud methods as part of its attempts to increase client safety, RBI executive director Anil Kumar Sharma said on Monday.
Such a database will help stop these fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted, said RBI executive director. The creation of the fraud registry has no specified deadline. We are currently speaking with various stakeholders, including the RBI's supervision and payments and settlement departments," he said.
Participants in the payment system will have access to this registry for almost real-time fraud monitoring. To inform clients about new hazards, the aggregated fraud data will be made public. Sharma also said that starting in 2021, the Core Investment Company's (CIC) clients would be covered by the Reserve Bank's Integrated Ombudsman Scheme (RB-IOS).
An integrated consumer grievance redressal mechanism was introduced by Prime Minister Narendra Modi last year to address service issues with banks, NBFCs, and digital payment systems. The prime minister established "One Nation One Ombudsman" to streamline and better serve the customers of regulated firms in the alternative dispute resolution process.
He shared that 4.18 lakh complaints were received in 2021–22 under the Ombudsman Scheme, compared to 3.82 lakh the year before. Last fiscal year, 97.9% of cases were successfully resolved, up from 96.5 percent the year before.
He emphasised that customers should never share account information with anyone and that they should notify the bank right away if they become aware of any fraud-related incidents in order to reduce their risks. He advised not installing any unknown apps on your phone or device and advising always using a bank, NBFC, or e-wallet provider's official website.
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