What Is The Full Form Of CFR In Banking?

CFR full form in banking is the Central Fraud Registry. Banks have access to a Central Fraud Registry (CFR) via user IDs and passwords. The CFR depends on the Fraud Monitoring Returns that banks and certain financial institutions file, along with any revisions.

A Central Fraud Registry has been established by the Reserve Bank of India (RBI). Banks must notify law enforcement of any fraud incidents by RBI guidelines. Considering the findings of law enforcement authorities’ investigations, no centralized data is kept.

RBI has provided banks with a Cyber Security Framework and issuers of pre-paid instruments (often known as “wallets”) with Cyber Security Instructions to ensure the security of e-transactions.

What Else Should You Know About CFR?

To safeguard its customers, the RBI has released guidelines that stipulate that in the event of an unauthorized electronic transaction resulting from negligence, contributory fraud, or a shortage on the part of the bank—regardless of whether the customer reports the transaction or not—and in the event of a third-party breach in which the shortcoming is not with the bank or the client but rather elsewhere in the system, as long as the customer informs the bank within three business days after getting communication from the bank about the transaction, the customer will not be held liable.