Launch of Financial Fraud Risk Indicator by DoT

The Department of Telecommunications (DoT) has introduced the Financial Fraud Risk Indicator (FRI), a metric that categorizes mobile numbers based on their risk of financial fraud. This tool aids banks, Non-Banking Financial Companies (NBFCs), and UPI service providers in prioritizing customer protection measures. The Reserve Bank of India (RBI) has advised financial institutions to integrate FRI into their systems, leading to significant actions against fraudulent accounts. The initiative is part of the Digital Intelligence Unit (DIU) project, which has a budget of Rs 228.16 crore over five years.

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