Fintechs asked to sign up on financial cyber fraud reporting portal

Quick Summary:

Putting forward the reasons for DPIP, the central bank said that many frauds occurred by influencing unsuspecting victims to make the payment or share credentials.

The Reserve Bank of India (RBI) is expected to make an announcement on the first SRO in this space shortly; the other applicant in this area is the Digital Lenders’ Association of India.

Additionally, about 11 per cent of digital frauds or fraud attempts involved the use of fake numbers associated with e-wallets or banks.

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Category: BusinessFinance

Markets: India

Topics: Law enforcement Cyber fraud Financial fraud Fintech sector Fintech

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 11:19:16 (4 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 598 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22095358

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Coverage Areas: India

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