DoT To prevent cyber fraud, the Department of Telecommunications has introduced “Financial Fraud Risk Indicator (FRI)”. This indicator will not allow UPI users to transfer money to the numbers of fraudsters. Know how this indicator works.
Cyber fraud is no longer a new thing. Lakhs of people have fallen victim to it. However, the Department of Cyber Security and the Government of India are making people aware about it. In this regard, the Department of Telecommunications (DoT) of the Government of India has issued new security measures for lakhs of UPI users. This security measure is being called the Financial Fraud Risk Indicator (FRI), which will involve banking and non-banking institutions to prevent common UPI-related frauds and scams. All these institutions will work together to prevent scams.
In fact, the Financial Fraud Risk Indicator released by the Department of Telecommunications will primarily analyse certain phone numbers and ultimately block such numbers that are attempting cybercrime activity. Launched under the Digital Intelligence Platform, the measure is designed to create a secure payment system and encourage more people across the country to adopt digital transactions. The FRI system will help banks and non-banking institutions identify risky transactions, thereby preventing them before they are completed.
UPI Security Update
The Financial Fraud Risk Indicator System will act as a tool that will help financial institutions keep an eye on suspicious phone numbers and UPI addresses. It is being said that the FRI will mark numbers that have been reported as sources of spam or cybercrime. This will also include numbers that have failed the verification process and have been found to be violating various rules.
Once the numbers are marked, they will be categorized into three levels of risk – medium, high and very high. This categorization will be done entirely based on the National Cybercrime Reporting Portal, Chakshu platform and other intelligence received from financial institutions.
Once categorized, the data is sent to central servers. Whenever a UPI user tries to transfer money to such a number if the transaction is marked as ‘very high risk’, the UPI app will block that transaction and alert the user. For numbers marked as medium risk, a warning will be given to the user.
