This new initiative is called Financial Fraud Risk Indicator (FRI). Its job is to identify mobile numbers that may be involved in fraud. If a number is being used for cybercrime or any suspicious activity is seen in it, it will be blocked.

What will the new system do?

The FRI system is a kind of digital alert tool. As soon as any banking or UPI transaction involves a suspicious number, this system will identify it and alert banks and other financial institutions. Fraud can be stopped before it happens.

The most special thing about this system is that it will work not only for banks but also for non-banking platforms. That is, apps like Paytm, PhonePe, GPay will also be able to keep their users safe with the help of this tool.

What numbers will FRI catch?

• Numbers that have already been found to be associated with a scam
• Numbers that have not completed KYC or verification
• Or those who repeatedly violate the rules

All such numbers will be flagged through this system and blocked if necessary.

Why is it important?

Nowadays, digital payments have become very common, but with it, cases of cyber fraud have also increased rapidly. In such a situation, this step of the government will not only increase the security of the common people but also increase the trust in digital transactions.

What should users do?

The post No more online fraud, government releases big update for Paytm, GPay, PhonePe users first appeared on Rightsofemployees.com.