News: The The Telecom Department introduces ‘Financial Fraud Risk Indicator’ to fight cyber fraud. Financial Fraud Risk Indicator (FRI)
About Financial Fraud Risk Indicator (FRI)
- It is a multi- dimensional analytical tool to empower financial institutions with advance actionable intelligence for cyber fraud prevention.
- This initiative aims to bolster cyber protection by identifying mobile numbers linked to potential financial fraud before a transaction takes place.
- Developed by: Department of Telecommunications (DoT) under its Digital Intelligence Platform (DIP)
- Working: 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.
- The classification draws from a comprehensive analysis using inputs from various platforms, including the Indian Cybercrime Coordination Centre’s National Cybercrime Reporting Portal (NCRP), DoT’s Chakshu platform, and intelligence shared by banks and financial institutions.
- It empowers stakeholders-especially banks, Non-Banking Financial Companies, and UPI service providers to prioritize enforcement and take additional customer protection measures in case a mobile number with high risk.
