RBI approves new tools for Prevention and Mitigation of Financial Frauds through regulatory sandbox

RBI has announced that in the Fourth Cohort of the Regulatory Sandbox (RS) with ‘Prevention and Mitigation of Financial Frauds’ as its theme, the three products outlined below have been found viable within the boundary conditions defined during testing under RS:

1. The product “r Real Time Monitoring System” is a technology enabled solution to assist banks in transaction monitoring in real-time / near real-time basis. It further analyses the transactions and generates alerts for proactive follow-up and action.
2. The product ‘napID Fraud Filter Layer’ locks the login form, payment form and unlocks these only for the authorised users to initiate the transactions using their credentials via napID Pre- Authenticator app. The solution makes compromised credentials/ cards useless in the hands of fraudsters.
3. The product ‘Trusting Social Credit Insight (CI)’ uses mobile subscriber data to risk-rank the active subscribers base and assesses the risk of default of a loan applicant. It also helps in instant credit worthiness check especially for new-to-credit segment.