Telecom's New Tool Declares War on Financial Cyber Frauds
The Telecom Department's introduction of the 'Financial Fraud Risk Indicator' enhances intelligence sharing with financial institutions to combat cyber fraud. The tool classifies mobile numbers by fraud risk, enabling prompt action by stakeholders, including banks and UPI providers, against potential threats.
- Country:
- India
The Telecom Department has unveiled the 'Financial Fraud Risk Indicator (FRI)', a pivotal new tool designed to boost intelligence sharing with banks, UPI services, and financial institutions. This initiative marks a significant step forward in battling cyber fraud and financial crime, as revealed in an official announcement released Wednesday.
FRI aims to fortify cyber protection by conducting validation checks on mobile numbers flagged using this innovative tool, particularly when a digital payment is intended for such numbers. It facilitates swift, strategically focused, and collaborative measures against suspected frauds across telecom and financial sectors.
PhonePe, an early adopter, leverages FRI to block transactions linked to high-risk numbers, displaying alerts through its PhonePe Protect feature. The tool's advanced intelligence alerts institutions to prioritize protective measures, ensuring enhanced security in digital transactions.
(With inputs from agencies.)
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