Financial Fraud Risk Indicator:
FRI is a multi-dimensional analytical tool that flags mobile numbers based on their likelihood of being involved in financial fraud.
- Launched By: Developed and introduced by the Department of Telecommunications (DoT) under the Ministry of Communications.
- Objective is to provide advance intelligence to financial institutions and prevent cyber-enabled financial frauds.
- Key Features:
- Risk Classification: Categorizes mobile numbers as Medium, High, or Very High risk.
- Integration with Digital Payments: Alerts banks and UPI platforms when a flagged number is involved in a transaction.
- Stakeholder Empowerment: Enables banks, NBFCs, and payment service providers to take additional customer protection measures.
- Proactive Cyber Shield: Acts as a pre-transaction validation tool to reduce fraud attempts.
- Real-time Application: Works in coordination with fraud detection systems and verification protocols.
