RBI migrates fraud reporting module to ‘DAKSH’ to streamline reporting & enhance efficiency

Notification No. RBI/2022-23/158 CO.DPSS.OVRST.No.S1619/06-08-005/2022-2023, Dated 26.12.2022

Earlier, the Reserve Bank of India had operationalised the Central Payments Fraud Information Registry with reporting of payment frauds by scheduled commercial banks and non-bank Prepaid Payment Instrument (PPI) issuers. Now, to streamline reporting, enhance efficiency and automate the payments fraud management process, the fraud reporting module has been migrated to DAKSH – Reserve Bank’s Advanced Supervisory Monitoring System. The migration will be effective from January 01, 2023.

In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities, viz. maker-checker facility, online screen-based reporting, option for requesting additional information, facility to issue alerts/advisories, generation of dashboards and reports, etc.

Now, Entities are required to validate the payment fraud information reported by the customer in their own systems to ensure authenticity and completeness, before reporting the same to RBI on an individual transaction basis.

Further, after the go-live of payment fraud reporting in DAKSH effective January 01, 2023, entities shall not be able to report any payment frauds in EDSP. Entities may, however, continue to update and close payment frauds that were reported in EDSP until December 31, 2022. Reserve Bank shall subsequently migrate the historical data from EDSP to DAKSH.

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