Financial Fraud Risk Indicator (FRI)

Department of Telecommunications (DoT) has introduced Financial Fraud Risk Indicator (FRI), a multi- dimensional analytical tool 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.
• The tool has been developed as part of the Digital Intelligence Platform (DIP).

Key Highlights

• Financial Fraud Risk Indicator (FRI) is a risk-based metric that classifies a mobile number to have been associated with Medium, High, or Very High risk of financial fraud.
• It empowers stakeholders-especially banks, Non-Banking Financial Companies, and UPI service providers to prioritize enforcement and take additional customer protection measures in case a mobile number with high risk.
• The Digital Intelligence Unit (DIU) of DoT regularly shares the list of Mobile Numbers that were disconnected (Mobile Number Revocation List – MNRL) with stakeholders along with the reasons for disconnections viz. found involved in cyber-crime, failed re-verification, exceeding prescribed limits. These numbers are also usually used for financial frauds.