“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 mentioned in a round.
New reporting pointers
It is to be famous that each one RBI-authorized Payment System Operators (PSOs)/ suppliers and fee machine contributors working in India are required to document all fee frauds thru Electronic Data Submission Portal (EDSP).
The frauds, which come with tried incidents, regardless of price, both reported by means of their shoppers or detected by means of the entities themselves, will now be reported to DAKSH. The RBI says that the reporting structure stays unchanged.
As in line with RBI, it’s the duty of the issuer financial institution / PPI issuer/bank card issuing NBFCs, whose issued fee device has been used within the fraud, to post the reported fee fraud transactions.
Furthermore, RBI additionally says that entities are required to validate the fee fraud knowledge reported by means of the client in their very own programs to verify authenticity and completeness, sooner than reporting the similar to the apex financial institution on particular person transaction foundation.
“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. The Reserve Bank shall subsequently migrate the historical data from EDSP to DAKSH,” the RBI round mentioned.
The timeline, which is lately inside 7 calendar days from the date of reporting by means of the client/ date of detection by means of the entity, stays the similar.
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