The fraud reporting module is being migrated to DAKSH – the Reserve Bank’s Advanced Supervisory Monitoring System – to streamline reporting, enhance efficiency, and automate the payments fraud management process.
The migration will be effective from January 1, 2023. Entities will commence reporting of payment frauds in DAKSH from this date. In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities such as a maker-checker facility, online screen-based reporting, option for requesting additional information, facility to issue alerts / advisories, generation of dashboards and reports.
In a communication to banks, non-bank Payment System Operators (PSOs) and credit card issuing NBFCs, RBI has stated that all RBI authorised PSOs / providers and payment system participants operating in India are required to report all payment frauds, including attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves. This reporting is being migrated to DAKSH.
The responsibility to submit the reported payment fraud transactions will be of the issuer entities, whose issued payment instrument has been used in the fraud. 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. Entities are required to report payment frauds (domestic and international) to Central Payments Fraud Information Registry (CPFIR) as per the specified timelines (currently within seven calendar days from the date of reporting by customer/date of detection by the entity).
Entities may continue to report payment frauds as per the extant reporting format using the bulk upload facility in DAKSH or report individual payment frauds online using the screen-based facility under the Incident Module of the DAKSH platform. The Reserve Bank will subsequently migrate the historical data from EDSP to DAKSH. The reporting format remains unchanged.
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