UPI Financial Fraud Risk Indicator: At a time when UPI has become the most preferred payment option for people in India, the government has taken a big step to curb cyber fraud and financial crime through mobile number. The Department of Telecommunications (DoT) has announced to share the 'Financial Fraud Risk Indicator (FRI)' with all stakeholders. FRI is a multi-dimensional analytical tool developed under the Digital Intelligence Platform (DIP). Through this, financial institutions are alerted in advance about digital fraud.

How does this tool work?

In simple terms, FRI puts the mobile numbers which are reported to be involved in digital fraud in medium, high or very high risk category based on the fraud. If a digital payment is being made to such a number from another mobile number, the system alerts the concerned payment platform about it.

System connected to PhonePe, Paytm and Google Pay

The country's major UPI companies like PhonePe, Paytm and Google Pay, which account for 90% of the total UPI transactions, are now integrating this DIP alert in their system. One of these platforms has even started the process of delay and user confirmation in suspicious transactions.

Your pocket will be safe

Today, when UPI has become the most preferred payment option, this new system can save crores of citizens from cyber fraud. DoT's Digital Intelligence Unit (DIU) regularly shares information on mobile numbers that have been blocked due to cyber crime, failed re-verification or excessive activity.

As soon as a suspicious number is flagged by a stakeholder, a multi-dimensional analysis of the number is done and its risk category is determined and the information is immediately shared with all stakeholders.

Government's commitment

The Ministry of Telecommunications has said that it is committed to prevent misuse of telecom resources and create a secure telecom ecosystem for all citizens by implementing technology-based national level initiatives.