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Dot has introduced “Financial Fraud Risk Indicator (FRI)” to prevent cyber fraud. This individualist will not allow UPI users to transfer money to those numbers, which belong to frauders. Know this indicator …Read more
The government tightens up to protect UPI users from scalp
New Delhi. Cyber fraud is no longer new thing. Millions of people have become proud of it. However, the Cyber Security Department and the Government of India are making people aware of this. In this episode, the Government of India Dipart of Telecom (DOT) has released new security measures for millions of UPI users. This safety measure is being called Financial Fraud Risk Indicator (FRI), which will include banking and non-banking institutions in preventing fraud and scams related to common UPI. All these institutions will work to stop the scam.
In fact, the Financial Fraud Risk Indicator that DOT has released will mainly analyze some phone numbers and block the numbers that are trying to try cybercrime activity. This measure launched under the Digital Intelligence platform has been designed to create a safe payment system and encourage more people across the country to adopt digital transactions. The FRI system will help banks and non-banking institutions to identify risky transactions, which will prevent these transactions before completion.
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UPI Security Update
The financial fraud risk indicator system will act like a tool that will help financial institutions to monitor suspected phone numbers and UPI addresses. It is being said that FRI will flag the numbers that have been reported as a source of spam or cyber crime. It will also include numbers which have failed in the verification process and have been found to be violating many rules.
Once the numbers will be identified, they will be inserted into the category of risk of three levels- medium, high and very high. This category will be fully done on the basis of National Cybercrime Reporting Portal, Chakshu platform and other intelligence received from financial institutions.
After inserting into the category, the data is sent to the central servers. Whenever a UPI user tries to transfer money to a number that is marked as a ‘very high risk’, the UPI app will block that transaction and alert the user. The user will be given a warning for the numbers which have been marked as moderate risk.