New Delhi, April 10 -- The Reserve Bank of India (RBI) has proposed a set of additional safeguards for digital payments, including transaction delays, enhanced authentication, and stricter monitoring of bank accounts, to address a sharp rise in frauds driven largely by social engineering.
In the discussion paper titled Exploring safeguards in digital payments to curb frauds, released by its Department of Payment and Settlement Systems, the RBI highlighted that reported fraud cases on the National Cyber Crime Reporting Portal rose from 2.6 lakh in 2021 to 28 lakh in 2025. The value of such frauds increased from Rs 551 crore to over Rs 22,900 crore during the same period.
The RBI has invited public comments on the proposals until May 8, 2...