Mumbai, Apr 10 (BNP): The Reserve Bank of India (RBI) has proposed a set of enhanced security measures aimed at strengthening the safety of digital payment systems amid a sharp rise in fraud cases driven largely by social engineering tactics.
According to the proposal, the central bank is considering layered safeguards, including delayed processing of certain transactions, stronger authentication mechanisms for vulnerable users, and tighter monitoring of bank accounts to detect suspicious activity more effectively.
The move comes as digital payment frauds have increased in recent years, with criminals often exploiting users through deceptive calls, messages, and online manipulation rather than technical hacking.
Under the proposed framework, banks and payment service providers may also be required to adopt more proactive fraud detection systems and improve real-time monitoring of high-risk transactions.
The RBI said the objective is to strike a balance between convenience and security, ensuring that the rapid growth of digital payments is not undermined by rising fraud risks.
The proposed measures are part of the regulator’s broader efforts to strengthen trust in India’s fast-expanding digital payment ecosystem.
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