What changed
RBI has migrated the payment fraud reporting module from the Electronic Data Submission Portal (EDSP) to DAKSH, effective January 1, 2023. DAKSH offers additional functionalities such as maker-checker, online screen-based reporting, alerts, dashboards, and reports. Entities can no longer report new frauds via EDSP after this date, though they can update and close existing EDSP reports until December 31, 2022.
What it means for you
Banks and payment operators must adapt to DAKSH's interface and ensure compliance with the new reporting process. The enhanced features aim to streamline fraud management and improve efficiency. Historical data from EDSP will be migrated by RBI, so entities should focus on accurate and timely reporting in DAKSH.
What you must do
- Ensure your team is trained on DAKSH's maker-checker and online reporting features before January 1, 2023.
- Migrate all new payment fraud reports to DAKSH from January 1, 2023, and stop using EDSP for new reports.
- Update and close any existing EDSP fraud reports by December 31, 2022, as per RBI timelines.
- Validate customer-reported frauds in your systems before reporting to DAKSH, ensuring authenticity and completeness.
- Report all payment frauds, including attempted ones, within 7 calendar days of detection or customer reporting.
Who it affects
Scheduled commercial banks, Non-bank Payment System Operators (PSOs), Credit card issuing Non-Banking Financial Companies (NBFCs), Non-bank Prepaid Payment Instrument (PPI) issuers
What is DAKSH and why is it replacing EDSP?
DAKSH is RBI's Advanced Supervisory Monitoring System, designed to streamline and automate payment fraud reporting. It replaces EDSP to enhance efficiency with features like maker-checker, online reporting, and dashboards.
Can we still report frauds in EDSP after January 1, 2023?
No, new fraud reports must be filed in DAKSH from January 1, 2023. However, you can update and close frauds that were already reported in EDSP until December 31, 2022.
What are the reporting timelines for payment frauds under DAKSH?
Entities must report payment frauds within 7 calendar days from the date of customer reporting or detection by the entity, as per existing guidelines.