By Ashwani Mishra, Editor-Technology, 63SATS
In a bid to curb cyber fraud and misuse of mobile numbers in banking, the Reserve Bank of India (RBI) has directed financial institutions to adopt the Mobile Number Revocation List (MNRL) technology, developed by the Ministry of Communications.
This initiative aims to enhance fraud risk monitoring and prevent the misuse of bank accounts as money mules or for cybercrimes.
Mobile Numbers: A Key Vulnerability
The RBI highlights the dual role of mobile numbers as vital for account authentication and a potential vector for scams. Fraudsters exploit mobile numbers for OTP interception, transaction manipulation, and unauthorized account access.
Key RBI Directives to Banks
Leverage the MNRL on the Digital Intelligence Platform (DIP): Banks must monitor and clean customer databases, update registered mobile numbers after verification, and monitor accounts linked to revoked numbers.
“Sanchar Saathi” Portal Integration: Verified customer care numbers should be provided to the DIP for publication on the portal.
Special Telecom Number Series: Banks are required to use designated numbering series for transactional (1600xx) and promotional (140xx) communications. They must also comply with TRAI’s guidelines for voice and SMS communications.
The RBI has instructed all regulated entities to implement these measures by March 31, 2025, and conduct awareness campaigns in multiple languages to educate consumers. This robust framework aims to bolster consumer protection and reduce cyber risks in the digital banking ecosystem.
