RBI Tightens Security on AePS Touchpoint Operators
The Reserve Bank of India has issued new directives to banks to enhance the security of Aadhaar Enabled Payments System (AePS) touchpoint operators. These measures include due diligence, ongoing monitoring, and strict KYC protocols to prevent fraud and maintain customer trust.
- Country:
- India
The Reserve Bank of India (RBI) has released new guidelines aimed at bolstering the security of the Aadhaar Enabled Payments System (AePS) by regulating the onboarding of touchpoint operators within the banking system.
Stricter due diligence processes will be required before banks can onboard AePS Touchpoint Operators (ATO), ensuring their integrity and reliability. Acquiring banks will now need to reassess ATOs who have been inactive for over three months with updated KYC procedures before they can resume transactions.
This move comes in the wake of rising fraudulent activities involving AePS, largely due to identity theft. The new regulations, first announced in February, aim to safeguard consumers and uphold trust within the system through rigorous risk management practices.
(With inputs from agencies.)
- READ MORE ON:
- RBI
- AePS
- Banks
- Touchpoint Operators
- Security
- Due Diligence
- Fraud
- Customer Trust
- Payment Systems
- KYC
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