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New Delhi. The Reserve Bank of India (RBI) is soon going to launch Digital Payments Intelligence Platform (DPIP), which will be able to identify and prevent payment fraud in real-time with the help of AI. In the initial phase, the RBI has created a negative registry, linking data from telecom companies and the Indian Cyber ​​Crime Coordination Center (I4C), to identify suspicious or fraudulent accounts and entities. This platform has been developed by the Innovation Hub of RBI and is currently being implemented in many banks.

Let us tell you that in the financial year 2024-25, banks reported 13,516 cases of card and internet fraud, in which an amount of Rs 520 crore was involved. Most of these incidents were to digital channels like cards and internet banking. Most digital frauds occurred in private banks, while most of the incidents in public sector banks were to their loan accounts.

Fraud alert will be received before transaction
According to the information, five banks were linked to this platform in the beginning of this year. Now it is being taken forward and implemented in more than a dozen banks. In the next step, this platform will generate instant risk score of each transaction. If a transaction is found to be susceptible to fraud, banks will be able to take steps such as additional checks, additional verification, or a temporary debit stop. In this phase, banks will share fraud- data with the platform in real-time, which will enable AI models to immediately alert and take necessary action by alerting the bank customer.

How will the system work?
RBI Deputy Governor T. Rabi Shankar said during the monetary policy announcement on October 1 that this platform will take information from multiple sources such as mule accounts, telecom data, geospatial information and train AI systems on this data. This will provide an alert before any transaction takes place, so that the bank or customer can decide whether to proceed or not.