New Delhi, April 14 -- The Reserve Bank of India's (RBI) discussion paper, 'Exploring Safeguards in Digital Payments to Curb Frauds,' is part of its ongoing efforts to make digital payments safer and fraud-proof to the extent possible.

Given the rapid growth of online transfers, it was but inevitable that frauds would also increase manifold. Even as digital transaction volumes multiplied and transaction values zoomed, digital frauds rose from some 260,000 incidents involving Rs.551 crore in 2021 to 2.8 million involving Rs.22,931 crore in 2025. That's a nearly 42-fold jump in just five years.

Over the years, RBI has initiated a number of measures to keep digital payments safe. But fraudsters have found ingenious new ways to defraud the ...