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RBI to migrate online fraud reporting to Daksh platform from January 1: What it is and all other details

Dec 27, 2022

The Reserve Bank of India (RBI) has announced that it is migrating the online payments fraud reporting module to Daksh on January 1, 2023. Daksh is the apex bank's advanced supervisory management system and the decision has been taken to streamline reporting, enhance efficiency and automate the payments fraud management process.

“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.,” the RBI said in a circular.

New reporting guidelines
It is to be noted that all RBI-authorised Payment System Operators (PSOs)/ providers and payment system participants operating in India are required to report all payment frauds through Electronic Data Submission Portal (EDSP).

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The frauds, which include attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves, will now be reported to DAKSH. The RBI says that the reporting format remains unchanged.

As per RBI, it is the responsibility of the issuer bank / PPI issuer/credit card issuing NBFCs, whose issued payment instrument has been used in the fraud, to submit the reported payment fraud transactions.

Furthermore, RBI also says that 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 the apex bank on individual transaction basis.

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"After 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," the RBI circular said.

The timeline, which is currently within 7 calendar days from the date of reporting by the customer/ date of detection by the entity, remains the same.

[The Times of India]

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