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News: The Department of Telecommunications has helped prevent suspected cyber fraud losses of more than five thousand crore rupees through its Financial Fraud Risk Indicator (FRI) within fifteen months of its launch.
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.
