New Delhi: The Department of Telecommunications (DoT) has taken a significant step in the fight against mobile-related cyber fraud and financial crime by announcing the sharing of the ‘Financial Fraud Risk Indicator (FRI)’ with its stakeholders.
This analytical tool, part of the Digital Intelligence Platform (DIP), provides financial institutions with actionable intelligence to prevent cyber fraud. The Ministry of Communications stated that this will improve cyber protection and validation checks for mobile numbers flagged by the tool during digital payment transactions.
The FRI categorizes mobile numbers based on their association with Medium, High, or Very High risk of financial fraud. Major UPI platforms like PhonePe, Paytm, and Google Pay, which together handle over 90% of UPI transactions, have started incorporating DIP alerts into their systems.
According to the Ministry, one leading UPI platform has implemented transaction delays, alerts, and user confirmations, while other banks are also utilizing this data to combat cyber fraud. Given that UPI is the most popular payment method in India, this initiative could protect millions from cyber fraud.
The FRI enables quick, targeted, and cooperative responses to suspected fraud in both telecom and financial sectors. The Digital Intelligence Unit (DIU) of DoT routinely shares a list of disconnected mobile numbers with stakeholders, along with reasons for disconnection, which include involvement in cyber-crime, failed re-verification, and exceeding limits, as these numbers are often linked to financial fraud.
When a stakeholder flags a suspected mobile number, it is analyzed from multiple angles and categorized as Medium, High, or Very High financial risk. This assessment is promptly shared with all stakeholders via DIP. The DoT is dedicated to preventing the misuse of telecom resources by employing national technology solutions and working with stakeholders to create a secure telecom environment for all citizens.
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