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Time of India
4 days ago
- Business
- Time of India
‘Financial Risk Indicator' used to crack down on digital scams: DoT blacklists over 3 lakh fraud-linked SIMs; PhonePe, Paytm, HDFC among users
DoT blacklists 3 lakh to 4 lakh SIMs (AI-generated image) The Department of Telecommunications has identified and blacklisted between 300,000-400,000 SIM cards linked to fraudulent activities, according to government statistics. Launched in May, the Financial Risk Indicator (FRI) identifies approximately 2,000 high-risk telephone numbers daily, potentially involved in employment or investment scams. Additional suspicious SIMs are detected through AI pattern matching. This system has enabled UPI platforms such as Paytm, GPay and PhonePe to prevent substantial fraudulent transactions in recent weeks, according to a senior DoT official's statement to ET. The Reserve Bank of India issued guidance in July to all banking institutions to incorporate the FRI into their systems. "As a result, time-to-action on fraud accounts has been reduced to a few hours," the DoT official said. "This also signals increasing maturity of DoT's Digital Intelligence Platform which was launched with the aim of real-time data exchange among stakeholders." Financial institutions are implementing FRI-based preventive measures, including blocking suspicious transactions, sending customer alerts, and introducing delays for high-risk transactions. Major institutions including PhonePe, Punjab National Bank, HDFC Bank, ICICI Bank, Paytm and India Post Payments Bank are actively utilising the platform, as previously reported by the telecom department. MFilterIt, a digital fraud prevention organisation, has implemented AI systems on X, Instagram and Facebook to identify and interact with fraudulent accounts. A single AI programme identifies approximately 125 suspicious accounts daily. "These are investment scam fraudsters which may or may not be using mule accounts," said Dhiraj Gupta, cofounder and chief technology officer at MFilterIt. "We are tracking social media for these fraudsters who post tall claims like 'double your money in 6hrs' and then our bot interacts with these people posing as genuine investors. This persuades the criminals to reveal their information like UPI ID or barcode," he explained. Signzy's senior product manager, Gaurav Gupta, also considers the FRI a crucial preventive measure against fraud. Despite Indians conducting over 200 billion digital payments last year, cybercrime has increased significantly. The government's intelligence-based risk indicators assist financial institutions in preventing scams. The DoT's Sanchar Saathi portal reported 3.58 million blocked mobile devices linked to cybercrime. The portal's Chakshu feature allows users to report fraudulent communications via calls, SMS, or WhatsApp. The department utilises AI tools like ASTR to detect fraudulent SIM registrations. TRAI is testing a Digital Consent Acquisition system to manage spam communications and has established a specific 160-number series for commercial transactions. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
5 days ago
- Business
- Time of India
Nearly 400k SIMs axed for fraud
The telecom department's Financial Risk Indicator (FRI) has blacklisted 300,000-400,000 SIMs used in fraudulent schemes. This initiative flags 2,000 high-risk numbers daily, aiding UPI platforms in preventing crores worth of suspicious transactions. Banks are integrating FRI to reduce fraud response times, with institutions like PhonePe and HDFC Bank actively using the platform to prevent fraud. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The telecom department's latest initiative to categorise high-risk fraud accounts has caught and blacklisted 300,000-400,000 telecom SIMs used in fraudulent schemes, show government Financial Risk Indicator (FRI), launched in May, is now daily flagging 2,000 high-risk phone numbers that may be involved in investment or job scams, and other fraudulent activities. More SIMs on the network are then identified using artificial intelligence-based pattern matching. This has helped UPI platforms like Paytm , GPay and PhonePe prevent suspicious transactions worth crores of rupees in the past month, a senior official at the Department of Telecommunications (DoT) told July, banking regulator Reserve Bank of India issued an advisory to all commercial banks, co-operative banks and payments banks to integrate the FRI with their system."As a result, time-to-action on fraud accounts has been reduced to a few hours," the DoT official said. "This also signals increasing maturity of DoT's Digital Intelligence Platform which was launched with the aim of real-time data exchange among stakeholders."Banks and financial institutions are using the FRI to take preventive measures, such as declining suspicious transactions, issuing alerts or warnings to customers, and delaying transactions flagged as high system's utility has already been demonstrated with leading institutions such as PhonePe, Punjab National Bank ICICI Bank , Paytm and India Post Payments Bank actively using the platform, the telecom department had said part of this initiative, digital fraud prevention platform MFilterIt has deployed AI-based honeypots on X, Instagram and Facebook which scrape social media to find and interact with such scam accounts. Nearly 125 such accounts are discovered and flagged by a single AI bot daily, the company said."These are investment scam fraudsters which may or may not be using mule accounts," said Dhiraj Gupta, cofounder and chief technology officer at MFilterIt. "We are tracking social media for these fraudsters who post tall claims like 'double your money in 6hrs' and then our bot interacts with these people posing as genuine investors. This persuades the criminals to reveal their information like UPI ID or barcode," he FRI represents a vital pre-emptive strike against fraud, said Gaurav Gupta, senior product manager at digital identity verification agency Signzy.
Time of India
30-07-2025
- Business
- Time of India
Govt taking steps to curb cyber frauds: Union minister Jyotiraditya Scindia
Academy Empower your mind, elevate your skills The government is taking various measures, including setting up the Digital Intelligence Platform , to curb cyber frauds, Union Communication minister Jyotiraditya Scindia said on also highlighted that international spoofed calls have come down by 97%.The communications and home ministries have taken four to five major measures to deal with cyber crimes , he told the Lok Digital Intelligence Platform (DIP) brings various stakeholders has coopted 620 institutions, including 570 banks, police institutions of 36 states and investigating agencies, Scindia said during the Question Hour. Fraud Risk Indicator (FRI) software is being used wherein the data about individuals doing fraud with banks are categorised into various categories. The details are provided to all the banks and the transaction of such individuals are blocked, he his written reply, Scindia said the Department of Telecommunications (DoT) undertakes efforts to prevent misuse of telecom resources for cyber frauds."Based on cyber fraud cases reported on National Cyber Crime Reporting Portal (NCRP) of Ministry of Home Affairs (MHA), DoT has disconnected 3.57 lakh mobile numbers of which highest number of mobile connections are from Rajasthan, Bihar and West Bengal."Further, DoT has developed an indigenous Artificial Intelligence (AI) and big data analytic tool ASTR to identify suspected mobile connections taken by same person in different names. More than 82 lakhs such connections have been disconnected after failing reverification process," he has also put in place a robust Know Your Customer (KYC) framework for issuing mobile connections to said DoT has also amended existing KYC instructions and introduced business connections framework where KYC of each end-user is made mandatory before activation."In addition, a robust KYC process for SIM Swap/replacement has also been introduced," he to a supplementary question, Scindia said state-owned BSNL and MTNL are back on the road to minister mentioned about the review meeting of BSNL this week, and said a business plan will be prepared, especially for each business circle.
Time of India
30-07-2025
- Business
- Time of India
Govt taking steps to curb cyber fraud, spoofed calls down 97%: Scindia
Union Communication Minister Jyotiraditya Scindia announced the government's multi-pronged approach to combat cyber fraud, including the Digital Intelligence Platform, leading to a 97% reduction in international spoofed calls. The initiative involves collaboration with 620 institutions and utilizes AI-driven tools to identify and disconnect fraudulent mobile connections, with over 82 lakh connections already terminated after reverification. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The government is taking various measures, including setting up the Digital Intelligence Platform , to curb cyber frauds, Union Communication Minister Jyotiraditya Scindia said on also highlighted that international spoofed calls have come down by 97 per communications and home ministries have taken four to five major measures to deal with cyber crimes , he told the Lok Digital Intelligence Platform (DIP) brings various stakeholders has coopted 620 institutions, including 570 banks, police institutions of 36 states and investigating agencies, Scindia said during the Question Hour. Fraud Risk Indicator (FRI) software is being used wherein the data about individuals doing fraud with banks are categorised into various categories. The details are provided to all the banks and the transaction of such individuals are blocked, he his written reply, Scindia said the Department of Telecommunications (DoT) undertakes efforts to prevent misuse of telecom resources for cyber frauds."Based on cyber fraud cases reported on National Cyber Crime Reporting Portal (NCRP) of Ministry of Home Affairs (MHA), DoT has disconnected 3.57 lakh mobile numbers of which highest number of mobile connections are from Rajasthan, Bihar and West Bengal."Further, DoT has developed an indigenous Artificial Intelligence (AI) and big data analytic tool ASTR to identify suspected mobile connections taken by same person in different names. More than 82 lakhs such connections have been disconnected after failing reverification process," he has also put in place a robust Know Your Customer (KYC) framework for issuing mobile connections to said DoT has also amended existing KYC instructions and introduced business connections framework where KYC of each end-user is made mandatory before activation."In addition, a robust KYC process for SIM Swap/replacement has also been introduced," he to a supplementary question, Scindia said state-owned BSNL and MTNL are back on the road to minister mentioned about the review meeting of BSNL this week, and said a business plan will be prepared, especially for each business circle.
Hindustan Times
30-07-2025
- Business
- Hindustan Times
Govt taking steps to curb cyber frauds: Scindia
New Delhi, The government is taking various measures, including setting up the Digital Intelligence Platform, to curb cyber frauds, Union Communication Minister Jyotiraditya Scindia said on Wednesday. Govt taking steps to curb cyber frauds: Scindia He also highlighted that international spoofed calls have come down by 97 per cent. The communications and home ministries have taken four to five major measures to deal with cyber crimes, he told the Lok Sabha. The Digital Intelligence Platform brings various stakeholders together. It has coopted 620 institutions, including 570 banks, police institutions of 36 states and investigating agencies, Scindia said during the Question Hour. A Fraud Risk Indicator software is being used wherein the data about individuals doing fraud with banks are categorised into various categories. The details are provided to all the banks and the transaction of such individuals are blocked, he said. In his written reply, Scindia said the Department of Telecommunications undertakes efforts to prevent misuse of telecom resources for cyber frauds. "Based on cyber fraud cases reported on National Cyber Crime Reporting Portal of Ministry of Home Affairs , DoT has disconnected 3.57 lakh mobile numbers of which highest number of mobile connections are from Rajasthan, Bihar and West Bengal. "Further, DoT has developed an indigenous Artificial Intelligence and big data analytic tool ASTR to identify suspected mobile connections taken by same person in different names. More than 82 lakhs such connections have been disconnected after failing reverification process," he said. DoT has also put in place a robust Know Your Customer framework for issuing mobile connections to subscribers. Scindia said DoT has also amended existing KYC instructions and introduced business connections framework where KYC of each end-user is made mandatory before activation. "In addition, a robust KYC process for SIM Swap/replacement has also been introduced," he added. Responding to a supplementary question, Scindia said state-owned BSNL and MTNL are back on the road to recovery. The minister mentioned about the review meeting of BSNL this week, and said a business plan will be prepared, especially for each business circle. This article was generated from an automated news agency feed without modifications to text.
