While banks submit information on frauds to the Reserve Bank of India (RBI) on a regular basis, sharing information among themselves will help them to be alert and protect them from being duped by fraudsters, said senior bankers.
The Indian Banks' Association (IBA) has considered flagging off the project on a pilot basis. Cibil and Trans Union in cooperation with 10 banks are expected to execute the project in three phases.
An IBA official said after assessing the feedback from the pilot project, the tentative plan is to be ready to run the project for the banking industry from the next year.
The first phase will involve building a database on an agreeable format approved by banks and data collection could span over six months.