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RBI's Global Hackathon To Build Tools To Curb Financial Frauds
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has issued a call for applications to create prototypes that can anticipate, identify, and prevent real-time financial fraud using non-traditional data sources. The RBI is also looking for solutions to ensure transaction anonymity in Central Bank Digital Currency (CBDC) transactions while maintaining the integrity of the financial system. This initiative coincides with the launch of a digital payments intelligence platform by the RBI to combat online financial fraud.
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Banks in direct link-up with I4C to check fraud on accounts
Economic Times
·
4m ago
Medial
Major Indian banks and payments firms like Razorpay are integrating with the Integrated Cyber Crime Coordination Centre (I4C) to combat payment frauds more effectively. Direct API integrations will allow instant alerts, facilitating immediate action, unlike the previous manual information exchange, reducing response time and manpower costs. This move is urged by the finance ministry's January 31 deadline to curb rising financial fraud, alongside global coordination and public awareness efforts to enhance security.
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GoM on GST meets to take up falling mop up, curb fraud
Economic Times
·
1m ago
Medial
A Group of Ministers (GoM) on GST revenue analysis met to address falling collections in large states and curb input credit frauds and fake invoices, leading to significant revenue losses. Chaired by Goa Chief Minister Pramod Sawant, the GoM aims to implement technology-based measures to tackle these issues. Recent trends show slowing GST collections growth in major states, prompting discussions on using AI tools to enhance monitoring ahead of the GST council meeting.
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RBI-led initiative to curb digital frauds gains momentum, banks roped in to set up DPIP
Economic Times
·
1m ago
Medial
The Reserve Bank of India (RBI) is mobilizing major banks to establish the Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure to combat digital payment frauds. Under RBI’s guidance, both public and private sector banks will participate in this initiative. The platform aims to enhance fraud risk management through real-time intelligence sharing. The Reserve Bank Innovation Hub is tasked with developing a prototype, leveraging advanced technologies to curb payment-related frauds.
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How AI & ML Are Shaping The Future Of Fraud Prevention In Financial Services
Inc42
·
1y ago
Medial
According to the RBI's annual report, the number of bank frauds has significantly increased from 7,263 in 2020-21 to 13,576 in 2022-23. AI-driven e-KYC solutions offer efficient and automated onboarding while ensuring compliance with regulations. Additionally, AI and ML technologies enhance safety measures and enable personalized customer interactions.
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Indian fintech regulatory companies welcome RBI move on KYC fraud
Thehindubusinessline
·
1y ago
Medial
Tech start-ups in India that provide regulatory services to financial institutions, such as IDfy, EMudhra, and Signzy, have welcomed the Reserve Bank of India's cautionary measures against frauds in know your customer (KYC) updation. As digital India and small businesses increasingly rely on fintech platforms, there is a growing need for fraud detection and prevention services. The RBI's warning comes in light of the rising instances of bank fraud in the country. Fintech companies are encouraged to adopt a risk-based approach to strike a balance between regulatory compliance and customer convenience. Customers are advised to avoid sharing sensitive information with unofficial channels and report any cyber fraud to their banks.
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ICEA's TruthTell Hackathon sees 36% of its applications from women
Economic Times
·
7m ago
Medial
ICEA's TruthTell Hackathon, in collaboration with the Ministry of Information & Broadcasting, focuses on real-time misinformation detection in broadcasts using AI and machine learning. The event attracted over 5,000 entries, with 36% from women, highlighting gender participation in tech. It aims to promote media transparency, ethical AI use, and industry collaboration. Part of the Create in India Challenge, the Hackathon supports India's global influence in media and entertainment, culminating in WAVES (World Audio Visual & Entertainment Summit).
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India in reasonably good spot; retail investors should stay invested for long: Sebi chairman
Economic Times
·
3m ago
Medial
SEBI Chairman Tuhin Kanta Pandey believes India is in a strong economic position despite global challenges. He emphasizes long-term investments for retail investors amidst market volatility, citing India’s resilience, low fiscal deficit, and manageable debt. Pandey advises investors to avoid panic, gain better financial awareness, and be cautious of speculative trades. He acknowledges increased investor awareness and SEBI's efforts to curb speculative losses, urging avoiding unregistered financial influencers and understanding asset allocation choices.
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RBI orders Bajaj Finance to stop lending via ‘eCOM’ and ‘Insta EMI Card’
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has instructed Bajaj Finance to cease disbursing loans through its eCOM and Insta EMI Card products immediately. The directive was issued as Bajaj Finance was found to be non-compliant with RBI's digital lending guidelines, including the failure to provide Key Fact Statements to borrowers. The restriction on these products will be lifted upon rectification of the identified deficiencies. RBI had introduced the guidelines to curb fraudulent activities and protect borrowers in the digital lending sector.
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RBI prioritises domestic concerns over global rate trends
Internet
·
1y ago
Medial
The Reserve Bank of India (RBI) is prioritising domestic economic concerns over following global interest rate trends. By focusing on inflation control, economic growth, and financial stability, the RBI aims to address India's unique challenges. This approach helps explain why the RBI's policies may differ from those of other central banks, reflecting a tailored strategy for India's needs.
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Rajasthan Police to host hackathon to curb cyber crimes
Economic Times
·
1y ago
Medial
Rajasthan Police is organizing a cyber hackathon in Jaipur to provide a platform for young cyber security experts to showcase their skills. More than 1,600 participants from various educational institutions and industries have registered for the event. The hackathon will involve 300 teams working continuously for 36 hours to solve 12 cyber security challenges. Cash prizes, citations, and internship opportunities with the Rajasthan Police will be awarded to the winners. Additionally, a drone demonstration will be held prior to the hackathon.
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