The Reserve Bank of India (RBI) has launched its third global hackathon, HaRBInger 2024 – Innovation for Transformation, targeting innovative tech solutions to predict, detect, and prevent financial fraud in real-time.
The hackathon focused on “Zero Financial Frauds” and “Being Divyang Friendly,” aims to foster creativity in combating financial crimes and improving accessibility for individuals with disabilities.
Key Themes and Problem Statements
Real-Time Fraud Prevention: Development of prototypes to predict, detect, and prevent financial frauds in real time using alternative data sources, including publicly available information.
Anonymity in CBDC Transactions: Creation of tools to ensure transaction anonymity in Central Bank Digital Currency (CBDC) transactions while maintaining financial system integrity.
Mule Account Detection: Building technology-based solutions to identify mule bank accounts and payment wallets.
Banknote Identification for Visually Impaired: Development of tools for the accurate identification of banknotes by visually impaired individuals.
The RBI is offering substantial incentives to encourage participation:
Prize Money: INR 40 lakh for winners across each problem statement.
Special Prize: INR 20 lakh for the best all-women team across all problem statements.
Stipend: INR 5 lakh for each shortlisted team to cover prototype development costs.
Mentorship: Opportunity to be mentored by industry experts and present solutions to an eminent jury.
On the same day as the hackathon announcement, the RBI unveiled plans to establish a digital payments intelligence platform. This platform aims to combat online financial fraud by incorporating network-level intelligence and real-time data sharing.
The initiative comes in response to a dramatic increase in online frauds, which surged 334% year-on-year to 29,082 cases in FY24. The amount involved rose to INR 1,457 crore from INR 227 crore the previous year.
This hackathon is part of the RBI’s broader strategy to address the escalating issue of online fraud. It aligns with recent government discussions with fintech startups and law enforcement agencies on tackling digital financial fraud challenges.
HaRBInger 2024 underscores the RBI’s commitment to leveraging technological innovation to enhance financial security and inclusivity, reflecting a proactive approach to addressing the complexities of modern financial fraud.
