New Delhi witnessed a major leap in combating financial fraud as the Department of Telecommunications unveiled its Financial Fraud Risk Indicator (FRI) system. State Minister for Communications and Rural Development, Dr. Chandrashekar Pemmasani, highlighted this breakthrough in the Lok Sabha on Wednesday.
The FRI is a sophisticated risk-based metric designed to classify mobile numbers linked to medium, high, or very high financial fraud risks. This innovation empowers banks and UPI service providers to scrutinize connected accounts and profiles, triggering necessary actions swiftly.
According to stakeholder reports, the system has already thwarted fraud attempts worth over ₹1,000 crore through transaction rejections and timely citizen alerts. This marks a significant victory in India’s ongoing battle against cybercrime.
Beyond FRI, the Department has rolled out multiple initiatives to curb telecom resource misuse and shield citizens from scams nationwide. A standout is the ‘Sanchaar Saathi’ portal and app, offering seamless services like reporting suspicious communications, verifying connections in one’s name, reporting lost or stolen handsets, and authenticating device legitimacy.
Impressive results from Sanchaar Saathi include the recovery of 8.33 lakh lost or stolen mobiles, disconnection of 2.24 crore connections flagged as ‘not my number’ or unrequired, and blocking of 39.44 lakh connections based on 7.7 lakh citizen reports of fraudulent activities.
Additionally, a joint effort with telecom service providers has developed a system to detect and block international spoofed calls masquerading as Indian numbers, slashing such attempts by nearly 99%. These measures underscore the government’s commitment to a safer digital ecosystem for all Indians.