3 months ago
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HYDERABAD
As India records immoderate of the highest volumes of integer payments successful the world, determination is 1 fraudulent transaction for each 1,01,242 transactions and lone ₹1.40 mislaid for each ₹1 lakh moved, a elder Reserve Bank of India authoritative said astatine the Shield 2026 conclave successful Hyderabad connected Thursday (February 5, 2026).
Addressing the gathering, P. Vasudevan, Executive Director of the RBI, said the figures reflected a diminution successful fraud complaint and however technology, regularisation and idiosyncratic consciousness had travel unneurotic to fortify the country’s integer outgo ecosystem. India, helium said, was present among the world’s largest markets for integer transactions, with an mean of 81 crore transactions being processed each time arsenic of January 31, 2026, amounting to astir ₹9 lakh crore successful worth daily.
“More than 90% of banking concern contiguous is handled done apps. Very fewer functions are inactive being carried retired astatine carnal slope branches,” Vasudevan said, pointing to the accelerated displacement from accepted banking to mobile-led services.
Tracing the improvement of safeguards, helium recalled the instauration of two-factor authentication done one-time passwords (OTPs) for transactions successful 2008. “There was a batch of interest past that transactions would drop, but we did not halt due to the fact that the thought was to beryllium customer-centric,” helium said. This was followed by mandatory transaction alerts done SMS and email for each debit and credit, measures that are present guarantee creaseless transactions for users and enactment arsenic beardown fiscal fraud prevention strategies.
Speaking astir the paper tokenisation inaugural that allows replacing the 16-digit- paper numbers with a unsocial randomly generated codification called token for online and offline transactions, Mr. Vasudevan said successful the past 4 years, 115 crore outgo tokens person been created.
“There has not been a azygous reported information breach oregon misuse of paper information during this period. In the aforesaid 4 years, astir 500 crore paper transactions were carried out, involving a full worth of ₹15 lakh crore,” the authoritative said.
Highlighting newer tools to tackle organised fraud, Vasudevan said the RBI’s Mule Hunter strategy is present functional successful 26 banks. The strategy tracks post-transaction enactment utilizing 19 antithetic parameters to place mule accounts and forestall the opening of caller accounts utilizing the aforesaid credentials.
The dependable diminution successful fraud rates, helium said, was a motion that acquisition and consciousness among users were improving alongside technological defences. However, helium cautioned citizens to stay alert, reiterating that each morganatic slope calls would travel lone from numbers starting with the 1600 prefix and authoritative emails would beryllium sent exclusively from the ‘.bank.in’ domain.
