DoT to Share Financial Fraud Risk Indicator Data With Banks UPI Service Providers and Financial Institutions
The Department of Telecommunications is escalating the war against financial fraud, equipping banks, NBFCs, and UPI platforms with the newest armament: Financial Fraud Risk Indicator (FRI) data. This novel system classifies mobile numbers for the probability of fraudulent conduct, an intricately analytical tool crafted by the Digital Intelligence Platform. So, it is kind of a fraud early warning system in a way. PhonePe is already working with FRI data through PhonePe Protect to warn a user about a threat just before the user becomes a victim. It is a step toward a safer digital ecosystem for everybody.
FRI Uses Data From I4C’s NCRP Platform, DoT’s Chakshu Portal
Money transactions have been made safer! The Department of Telecommunications (DoT) is implementing Financial Risk Intelligence (FRI) metrics-an effective new shield against cyber-fraud and financial crimes. Think of FRI as a digital guardian, always the protector of your transactions. An analytical tool within the keystone Digital Intelligence Platform (DIP) of the government backs the system, continually looking after your money in the digital realm.
The Fraudsters are the masters of disguise, so much so that they keep changing their telephone numbers in order to stay ahead of the game. But what if your phone could see through their deception? Enter FRI-the newest and most advanced forward-looking indicator that puts the power in the hands of service providers to reveal the risk hidden behind those changeable numbers and gives you one slight chance against cyber-theft.
Imagine a fraud shield: financial institutes and service providers are armed now with an augmented Mobile Number Revocation List (MNRL). This is not just a list; this is intelligence. It is like an intimate whisper from the telecom world’s Digital Intelligence Unit (DIU), conveying the reason for phone numbers getting delisted, which aids in scamming and protect one’s cash.
An early-warning system for finances, suppose you would call it. That’s what the FRI system of the DoT are essentially offering. The very moment any unwanted number enters the system, it is flagged by banks or even knowledgeable consumers. The system does the digital detective work in assessing how much damage the number can cause to finances, declaring it low, medium, or high threat. And it gets better: that threat level is a bit of a public secret. DIP serves rapidly as an alert network, hence the instant dissemination of this crucial risk assessment to banks, non-banking financial institutions, and UPI platforms. This is a fraud-fighting coalition harnessing the power of real-time intelligence.
“These classifications are developed based on an intelligence network so potent that it draws insights from the frontlines of finance: banks and institutions fighting fraud on a daily basis, and from the digital watchdog, the Indian Cybercrime Coordination Centre’s (I4C) National Cybercrime Reporting Portal (NCRP), further strengthened by vigilance from the Chakshu platform of the DoT.”
Security of digital payments in India is receiving a big boost! Soon, scam alerts originating from DoT’s Digital Intelligence Platform (DIP) will reach Google Pay, PhonePe, and Paytm. Taking the lead, being the first to adapt to the FRI system, PhonePe is now enhancing the “PhonePe Protect” feature. Features offered by PhonePe will block transactions on numbers marked as “Very High Risk” as well as provide warnings before any user attempts to transact with numbers flagged as “Medium Risk,” thus giving an added security measure to every digital transaction.
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There is a new got up in the war against digital fraud. Beyond the DoT’s aerial acrobatics, which gave inspiration to the major UPI player running a quiet operation to implement defenses anew: speed bumps for transactions and mandatory confirmations on alerts. Gearing up with the DIP’s fraud intelligence, the banks are now prepared to proactively lock out cybercriminals, signaling a unified front against scams.
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