What is meant by Central Fraud Registry (CFR)?

A Central Fraud Registry (CFR) based on the Fraud Monitoring Returns, filed by the banks and the select Financial Institutions, including the updates thereof, has been made available, for which banks have been given access through user-ids and password. CFR is a web-based and searchable database. The practice of issuing paper based Caution Advice (CA) has since been discontinued. However CAs on frauds including attempted frauds having systemic implication will be issued as and when required. Banks are advised to make full use of the CAs/CFR for timely identification, control, reporting and mitigation of fraud risk. Banks are also advised to put in place proper systems and procedure to ensure that the information available in CA/CFR is made use as a part of the credit risk governance and fraud risk management. This searchable database helps Banks to detect early the instances of fraud by borrowers and also in carrying out due diligence during the credit sanction process.