Department of Telecommunications Launches FRI Tool to Detect Risky Mobile Numbers in Cyber Frauds
The Department of Telecommunications has launched the Financial Fraud Risk Indicator (FRI) to help banks and payment platforms identify risky mobile numbers linked to cyber fraud. Platforms like PhonePe, Paytm, and Google Pay are integrating the tool to enhance transaction security. The Financial Fraud Risk Indicator (FRI), a new multi-dimensional analytical tool created as part of the Department of Telecommunications’ (DoT) Digital Intelligence Platform (DIP), was unveiled on Wednesday. Its purpose is to assist financial institutions in preventing cyber fraud by providing them with advanced, actionable intelligence. In order to combat financial crime and cyber fraud, FRI facilitates improved intelligence sharing with banks, UPI service providers, and other financial organizations. A cell phone number can be categorized as having a Medium, High, or Very High risk of financial fraud using this risk-based criteria. In the event that a mobile number is deemed to be at high risk, the action is expected to assist banks, non-banking financial institutions, and UPI service providers in giving enforcement top priority and implementing further client protection measures. The digital payment provider PhonePe, which was among the first to implement FRI, has utilised it to reject transactions associated with Very High FRI mobile numbers and to show a notice on the screen as part of the PhonePe Protect feature. According to the DoT, PhonePe is working to show a proactive user alert for Medium FRI numbers before authorising the transaction. PhonePe, Paytm, and Google Pay, which collectively manage over 90% of UPI transactions, have begun integrating DIP notifications into their systems, the DoT claims. Fraud detection According to the department, “this classification is the result of inputs obtained from various stakeholders, including intelligence shared by banks and financial institutions, reporting on DoT’s Chakshu platform, the National Cybercrime Reporting Portal (NCRP), and the Indian Cyber Crime Coordination Centre (I4Cs). The list of mobile numbers that were disconnected due to their involvement in cybercrime, failure to re-verify, and violating limitations is shared by the DoT every month. Financial fraud also frequently uses these numbers. The life of a cell number used in cyber frauds is usually a few days, and complete verification might take several days, therefore, the DoT believes that an advanced signal of risk associated with such numbers is quite important. As a result, when a stakeholder flags a suspected mobile number, it is subjected to multi-dimensional analysis, which determines whether it carries a Medium, High, or Very High financial risk. It is then promptly shared with all stakeholders via DIP.
