Payment aggregators to create ‘negative’ database to tackle digital fraud

Payment aggregators are planning to create a “negative database” to address the increasing incidence of payment fraud. This database will contain information on fraudulent transactions involving both customers and merchants, according to a report by The Financial Express (FE).

The proposed database, to be created as a centralised repository, will be accessible to all licensed payment aggregators, helping them detect and prevent fraud. If a fraudster attempts to use the same card or carry out similar fraudulent activities across platforms, payment aggregators can detect the fraud before it affects their systems.