Cyber Fraud Prevention: DoT Introduces “Financial Fraud Risk Indicator (FRI)”
Vihar Vaishnav: In a major step towards combating cyber fraud and financial crime, the Department of Telecommunications (DoT) has announced sharing of “Financial Fraud Risk Indicator (FRI)” with stakeholders.
This is termed as an output from a multi- dimensional analytical tool developed as part of the Digital Intelligence Platform (DIP) 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.
What is the “Financial Fraud Risk Indicator”?
It is a risk-based metric that classifies a mobile number to have been associated with Medium, High, or Very High risk of financial fraud. ...