Consider the following statements regarding Financial Fraud Risk Indicator (FRI): 1. It is a multi- dimensional analytical tool to empower financial institutions with advance actionable intelligence for cyber fraud prevention. 2. It is being developed by the Department of Financial Services. 3. It classifies mobile numbers into different categories based on their likelihood of involvement in financial fraud. How many of the above statements are correct? |ForumIAS

Q. Consider the following statements regarding Financial Fraud Risk Indicator (FRI):
1.It is a multi- dimensional analytical tool to empower financial institutions with advance actionable intelligence for cyber fraud prevention.
2.It is being developed by the Department of Financial Services.
3.It classifies mobile numbers into different categories based on their likelihood of involvement in financial fraud.
How many of the above statements are correct?

[A] Only one

[B] Only two

[C] All three

[D] None

Answer: B

Notes:

Explanation: Statements 1 and 3 are correct

Statement 1 is correct: Financial Fraud Risk Indicator (FRI) is a multi- dimensional analytical tool to empower financial institutions with advance actionable intelligence for cyber fraud prevention.

Statement 2 is incorrect: It is being developed by the Department of Telecommunications (DoT) under its Digital Intelligence Platform (DIP).

Statement 3 is correct: The FRI is a risk-based metric that classifies mobile numbers into three categories Medium, High, and Very High based on their likelihood of involvement in financial fraud.

Source: ET

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS