RBI asks banks to uses tool that identifies phone numbers to curb fraud

The Reserve Bank of India (RBI) has issued new guidelines for banks, financial institutions and “payment system providers and participants” to take a series of steps to prevent fraud, including using a tool that identifies mobile numbers.

“The proliferation of digital transactions, while offering convenience and efficiency, has also led to a surge in frauds, a pressing concern underscoring the need for concerted action,” said the RBI in a notification dated January 17.