- NEW DELHI — In a
key step towards combating cyber fraud and financial crime via mobiles, the
Department of Telecommunications (DoT) on Wednesday announced sharing of “Financial
Fraud Risk Indicator (FRI)” with its stakeholders.
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- The multi-dimensional analytical tool, developed as part of
the Digital Intelligence Platform (DIP), empowers financial institutions with
advance actionable intelligence for cyber fraud prevention.
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- This will enhance cyber protection and validation checks in
case of mobile numbers flagged with this tool when digital payment is proposed
to be made to such numbers, said the Ministry of Communications.
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- It is a risk-based metric that classifies a mobile number to
have been associated with Medium, High, or Very High risk of financial fraud.
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- Leading UPI platforms — PhonePe, Paytm and Google Pay who
collectively account for over 90 per cent of UPI transactions -- have begun
integrating DIP alerts into their systems.
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- “One of the leading UPI platforms has introduced transaction
delays, with alerts and needing user confirmations. Other banks are also
actively using the data for mitigating cyber frauds,” said the Ministry.
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- With UPI being the most preferred payment method across
India, this intervention could save millions of citizens from falling prey to
cyber fraud. The FRI allows for swift, targeted, and collaborative action
against suspected frauds in both telecom and financial domains.
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- The Digital Intelligence Unit (DIU) of DoT regularly shares
the list of mobile numbers, that were disconnected, with stakeholders along
with the reasons for disconnections -- found involved in cyber-crime, failed
re-verification and exceeding prescribed limits. These numbers are also usually
used for financial frauds.
