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Cyber ​​fraud is no longer a new thing. Millions of people have fallen prey to it. However, the Cyber ​​Security Department and the Government of India are making people aware of it. In this connection, the Department of Telecom (DoT) of the Government of India has issued new security measures for millions of UPI users. This security measure is called the Financial Fraud Risk Indicator (FRI), which will involve banking and non-banking institutions in preventing common UPI-related frauds and scams. All these institutions will work together to prevent scams.

The Financial Fraud Risk Indicator released by DoT will mainly analyze some phone numbers and eventually block such numbers, that are attempting cybercrime activity. Launched under the Digital Intelligence Platform, this measure is designed to create a secure payment system and encourage more people across the country to adopt digital transactions. The FRI system will help banks and non-banking institutions identify risky transactions so that these transactions can be stopped before they are completed.

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UPI Security Update

The Financial Fraud Risk Indicator System will work as a tool that will help financial institutions keep an eye on suspicious phone numbers and UPI addresses. It is being said that FRI will flag numbers that have been reported as spam or sources of cybercrime. This will also include numbers that have failed the verification process and have been found to violate many rules.

Once the numbers are identified, they will be categorized into three levels of risk - medium, high, and very high. The categorization will be done solely based on the National Cybercrime Reporting Portal, Chakshu platform, and other intelligence received from financial institutions.

After categorization, the data is sent to central servers. Whenever a UPI user tries to transfer money to a number that has been marked as 'very high risk', the UPI app will block that transaction and alert the user. For numbers that have been marked as medium risk, the user will be given a warning.

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