On Jan. 17, IND RBI issued circular on preventing financial fraud.
IND RBI issued circular on preventing financial fraud perpetrated via voice call, SMS.
Addresses surge in digital transaction frauds, particularly misuse of mobile numbers.
Circular is addressed to entities like banks, credit data firms, payment aggregators.
Follows IND NSD Feb. 2023 said participants need valid mobile number, see #162350.
Requirements for Regulated Entities
Must utilize mobile number revocation list on Digital intelligence platform (DIP) to monitor, clean customer databases; required to develop standard operating procedures for updating registered numbers after verification and enhanced account monitoring.
Namely, of accounts linked to revoked numbers; preventing usage as money mules.
Must provide verified customer care numbers to DIP for publication on Sanchar Saathi portal; transactional/service calls to use 1600xx numbering series when operational.
Promotional voice calls restricted to 140xx numbering series; must follow IND TEL guidelines for commercial communications via voice calls/SMS; required to undertake customer awareness measures via multiple channels including vernacular languages.
Data Security Requirements
Entities responsible for maintaining confidentiality of customer data, preventing misuse /leakage; should minimize intermediaries between sender and access provider.
Preferably maintain direct connectivity, and fit deterrent provisions in agreements.
Effectiveness
All regulated entities must comply by Mar. 31, 2025.
