MUMBAI: Banks, non-bank financiers, and other entities regulated by the Reserve Bank of India (RBI) should work together to counter the growing threat of digital fraud, governor Sanjay Malhotra said on Friday, calling collaboration critical to protecting customers and maintaining trust in the financial system. While individual institutions must strengthen their own tools, techniques and processes, Malhotra said collective efforts are essential to build shared analytics and systems that can detect mule accounts and suspicious transactions early and pre-emptively. According to the RBI’s annual report, the value of digital payment frauds at banks fell to ₹520 crore in FY25, involving 13,516 transactions, compared with ₹1,457 crore and 29,082 transactions in FY24.
