The Reserve Bank of India (RBI) aims to leave no stone unturned in its efforts to prevent cyber fraud with banking consumers. Recently, the RBI has directed all banks and financial institutions to utilize the Telecom Regulatory Authority of India (TRAI)’s Mobile Number Registration List (MNRL) available on the Digital Intelligence Platform (DIP) to enhance their fraud risk monitoring and prevention capabilities. This technology, developed by the Ministry of Communications, can help prevent bank accounts from being operated as Money Mules and/or being involved in cyber frauds.
RBI says mobile number can be misused by scamsters for committing online and other frauds
The RBI also acknowledged that mobile numbers have emerged as a ‘ubiquitous identifier’ and can be misused by scamsters for committing various types of online and other frauds, hence the reason why using TRAI’s MNRL technology makes sense. The RBI in a notification dated January 17, 2025, stated: “The proliferation of digital transactions, while offering convenience and efficiency, also poses significant risks to the banking sector. Therefore, it is essential to implement measures to prevent and detect cyber frauds.”
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