RBI and partners developed a suptech prototype using AI-driven fraud detection to flag malicious fintech apps, strengthening oversight and consumer protection in India’s digital finance sector
Reserve Bank of India (RBI) and Reserve Bank Innovation Hub partnered with the Cambridge Suptech Lab to create a market-level working prototype of a suptech application that can detect and flag fraudulent fintech apps based on metadata, including data collection and validation mechanisms, storage mechanisms, ML-based analytics, and interfaces for additional future products to integrate with.. This solution responds to the explosive growth of India's fintech sector, where unscrupulous entities have exploited online loan platforms to defraud customers through predatory interest rates, privacy violations, and even money laundering activities that pose risks to national security. With the help of the suptech solution provider Winnow Technologies, the developed platform integrates advanced fraud detection algorithms, behavioural analytics, anomaly detection, and other AI driven techniques to proactively flag suspicious applications, enhancing regulatory oversight and consumer protection in India’s digital financial ecosystem.
