The Department of Telecommunications (DoT) launched the Financial Fraud Risk Indicator (FRI) on May 22nd, 2021 under its Digital Intelligence Platform. Within fifteen months, FRI has prevented losses exceeding INR 5000 crores.
Launched on May 22nd, 2021, the Financial Fraud Risk Indicator (FRI) is a multi-dimensional analytical framework under the Digital Intelligence Platform. Its purpose is to provide financial institutions with actionable, real-time intelligence for cyber fraud prevention.
Within fifteen months of its launch, FRI has prevented losses of over INR 5000 crores. The Ministry of Communications has highlighted that this marks a significant increase from the initial six months, where FRI had prevented losses worth INR 660 crores.
The growth underscores the growing importance of telecom intelligence in protecting citizens from digital financial fraud and the effectiveness of collaborative efforts across various sectors including telecom, banking, fintech, securities, insurance, and law enforcement. The FRI is an innovative risk-assessment tool developed by DoT to enable financial institutions to assess in real time, the potential association of a mobile number with cybercrime or financial fraud.
The Ministry of Communications also emphasized that this milestone reflects the growing role of telecom intelligence in shielding citizens from digital financial fraud, and the strength of coordinated action across the telecom, banking, fintech, securities, insurance, and law enforcement ecosystems.
Source:
Akashvani News
