RBI Updates Fraud Prevention Measures for Digital Transactions
The Reserve Bank of India (RBI) has updated its framework to limit customer liability in unauthorized electronic banking transactions, first established in 2017. With advancements in technology, the RBI has introduced new directives, including a compensation mechanism for small-value fraudulent transactions and advanced AI tools for identifying mule accounts and preventing cyber fraud. These measures, currently open for public consultation, aim to bolster security in India's digital payments ecosystem, which continuously grows in complexity and sophistication.
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