RBI to bank on data analytics for fraud detection

Friday 17 May 2019 11:31 CET | News

The Reserve Bank of India (RBI) has planned to use data analytics in an attempt to timely detect frauds and take recovery actions.

The central bank affirmed, in its vision document 2021 for payments and settlements systems in the e-payments space, that data analytics could be utilised for identification of fraud and recovery actions, such as blocking irregular transaction before authorisation. Also, it could help in building trust in the system.

According to RBI, the data would be used to influence regulatory decisions and cutting down on fraud. It also considers that India should become a cashless economy by 2021 through safe, secure, accessible, and affordable e-payment systems. Moreover, affirmed in its vision document called ‘Payment and Settlement Systems in India: Vision 2019 – 2021,’ the new proposal would be implemented between 2019 and 2021.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: RBI, bank, data analytics, fraud detection, online fraud, fraud prevention, India, payments , identification, irregular transactions, authorisation, regulations, security, e-payments, safety
Countries: World