India Issues New Rules to Thwart Digital Payments Frauds

India’s banking regulator has introduced new safeguards to protect customers from losing their money to card and digital payments frauds, which have been rising at an alarming rate.

The added layers include the option of using a government-owned secure cloud platform that stores key citizenship-related documents, for approving high-risk transactions, the Reserve Bank of India said in its final guidelines on authentication method for digital payments.

While there should be a minimum of two factors of authentication for any transaction, banks can ask customers for additional verification if they sense anything suspicious, the guidelines said.

Latest data show frauds ...