RBI Chief Flags Rising Digital Frauds, Urges Proactive Measures

Reserve Bank of India (RBI) Governor Sanjay Malhotra has raised concerns over the increasing number of digital fraud cases, which have surged by nearly 28% compared to last year, with the amount involved skyrocketing over eightfold. Speaking to bank CEOs, Malhotra emphasized the need for robust and proactive systems to thwart digital fraud attempts. The RBI is also encouraging banks to use tools that identify phone numbers and has rolled out new guidelines to mitigate fraud risks in digital transactions. Additionally, an AI-based system called 'Mule Hunter.ai' has been developed to help banks reduce digital fraud instances. 

 

Source: Indian Express, CNBCTV18, Angel One, Business Standard