🐘 Indian-style anti-fraud 🇮🇳: Central Bank proposes optimization plan for P2P and A2A payments — currently under public consultation

🐘 Indian-style anti-fraud 🇮🇳: Central Bank proposes optimization plan for P2P and A2A payments — currently under public consultation

The consultation will remain open until May 8, after which the Central Bank will issue official guidelines.

🔣 Context: between 2021 and 2025, digital payment fraud cases in India increased more than tenfold, reaching 2.8 million incidents. Financial losses grew nearly fortyfold, surpassing USD 2.49 billion.

🔣 To address this, the Central Bank proposes introducing a one-hour delay for transfers exceeding USD 108, conducted between accounts via instant payment systems, primarily #UPI. During this period, funds will be debited, while the system generates alerts for suspicious transactions, allowing users to cancel the operation if necessary.

🔣 Lower-value transactions will continue to be processed instantly, and merchant payments will be excluded from the measure, as they are already subject to their own dispute resolution mechanisms.

🔣 The proposal also includes additional safeguards for individuals aged 70 and above, as well as persons with disabilities. In such cases, transfers exceeding USD 535 will require approval from a trusted third party.

🔣 In addition, it proposes annual limits for certain account types and the implementation of an emergency switch, allowing all digital payments to be immediately disabled.

#news #India #fraud #p2p

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