FRI to detect financial fraud on mobiles –

Department of Telecommunications (DoT) has introduced Financial Fraud Risk Indicator (FRI), a multi- dimensional analytical tool to empower financial institutions with advance actionable intelligence for cyber fraud prevention. This will enhance cyber protection and validation checks in case of mobile numbers flagged with this tool when digital payment is proposed to be made to such numbers. FRI is a risk-based metric that classifies a mobile number to have been associated with Medium, High, or Very High risk of financial fraud. It empowers stakeholders-especially banks, Non-Banking Financial Companies, and UPI service providers to prioritize enforcement and take additional customer protection measures in case a mobile number with high risk.