Latest news with #FinancialFraudRiskIndicator
Time of India
23-05-2025
- Business
- Time of India
Scammer tries to fool Paytm CEO Vijay Shekhar Sharma by pretending to be... Paytm CEO? Here's how you can avoid such scams
In a plot twist straight out of a cyber-thriller, Paytm founder Vijay Shekhar Sharma recently found himself on the receiving end of a WhatsApp scam, by none other than a fraudster impersonating him. Yes, you read that right: a scammer posing as the CEO of one of India's leading fintech companies tried to trick the man himself. Sharma took to X (formerly Twitter) to share screenshots of the conversation, where the impersonator introduced himself as "Vijay Shekhar Sharma" and inquired if the real Sharma was in the office. The audacity of the scammer attempting to deceive the very person they were impersonating left netizens both amused and astounded. Impersonating myself to me 🥸 How did the scammer try to scam Paytm CEO Vijay Shekhar Sharma by being himself? In the messages, the fraudster requested that Sharma "check and report back" on the company's available funds and demanded the contact details of Paytm's finance head. They also asked him to forward an executable (.exe) file, disguised as a GST-related document, to the concerned person. Despite the potentially serious nature of the scam, no harm was caused. Sharma appeared to take the incident in stride, choosing instead to spotlight it with a dose of humour. By doing so, he not only drew attention to the pervasiveness of such frauds but also emphasised that even CEOs are not immune to digital trickery involving fake profiles, malicious links, and social engineering. This incident coincided with the Department of Telecommunications (DoT) launching the Financial Fraud Risk Indicator (FRI), a tool designed to enable advanced intelligence sharing among banks, UPI service providers, and financial institutions to counter financial fraud. VSS to VSS… How to protect yourself from scammers: Verify independently: Always confirm requests for money or sensitive information through a different channel, even if they seem to come from known contacts. Be wary of urgency: Scammers often create a false sense of urgency. Take a moment to think critically about any urgent requests. Check profile pictures and status: Scammers may use stolen profile pictures. Check if the status and other details match what you know about the person. Never share OTPs: Legitimate organizations will never ask for your OTP (One Time Password) over WhatsApp or any other means. Use two-factor authentication: Enable WhatsApp's two-step verification feature to add an extra layer of security to your account. While this incident highlights the increasing sophistication of cyber fraud, it also serves as a reminder that vigilance and awareness are key to protecting oneself from such scams.
New Indian Express
22-05-2025
- Business
- New Indian Express
DoT introduces system to classify mobile numbers based on financial fraud risk
In a bid to curb cyber fraud and protect citizens from financial crimes, the Department of Telecommunications (DoT) has launched the Financial Fraud Risk Indicator (FRI)—a tool that helps banks, payment apps, and other financial services identify whether a mobile number has been used for fraudulent activities. The tool checks if a phone number is linked to past fraud and then marks it as Medium, High, or Very High risk. It gathers this information from various sources, including the National Cybercrime Reporting Portal, DoT's Chakshu platform, and intelligence shared by banks and financial institutions. Once a number is flagged, the system quickly shares its risk level with apps and banks so they can stop or delay suspicious transactions. 'In a big leap towards fighting cyber fraud, my team at @DoT_India has introduced the Financial Fraud Risk Indicator (FRI)—a tech-driven analytical tool for real-time fraud detection and prevention. FRI will empower banks, UPI service providers, and financial institutions with actionable intelligence, helping flag risky mobile numbers before digital payments are made,' said Communications Minister Jyotiraditya Scindia. The DoT stated that fraudsters often use a mobile number for just a few days before discarding it. Since full verification can take time, receiving an early warning through FRI is a crucial step in preventing fraud. The department also shares a list of mobile numbers that have been disconnected due to fraud or verification issues. These numbers are often involved in scams and are monitored closely. PhonePe is one of the first companies to use this system. It now blocks payments to phone numbers marked as 'Very High' risk and displays alerts to users. The company reported that the tool has been effective in identifying fraudulent activity. PhonePe is also planning to display warnings for 'Medium' risk numbers. Other major UPI apps like Paytm and Google Pay are also integrating FRI alerts into their systems. Some platforms are introducing additional steps, such as transaction delays and user confirmations, to prevent scams.
India Today
22-05-2025
- Business
- India Today
Govt will now decline UPI transactions to certain numbers, here is what you should know
The Indian government will now block UPI transactions initiated towards certain mobile numbers. The Department of Telecommunications (DoT) on Wednesday launched a new Financial Fraud Risk Indicator (FRI). This service will analyse mobile numbers and block transactions to numbers flagged as high-risk. According to the government, this new tool is designed to proactively detect and prevent financial crimes in the DoT says that the new FRI system is part of its broader Digital Intelligence Platform (DIP), aimed at creating a secure digital ecosystem for financial transactions. The primary objective of the FRI is said to be assisting banks, non-banking financial companies (NBFCs), and UPI service providers — including major players like PhonePe, Paytm, and Google Pay — in identifying risky transactions before they are completed. Notably, these platforms together manage over 90 per cent of the UPI transaction volume in will the Financial Fraud Risk Indicator work?The DoT explains that the FRI system will flag mobile numbers that have been reported or linked to cybercrime, failed verification processes, or regulatory breaches. It will then categorise these suspicious numbers into three levels of risk: Medium, High, and Very High. DOT explains that this categorisation of the mobile numbers will be done using data from the National Cybercrime Reporting Portal (NCRP), the DoT's Chakshu platform, and intelligence inputs from banks and other financial entities. This risk profile is shared in near real-time with stakeholders, allowing them to respond If a user attempts to transfer money to a mobile number tagged as 'Very High Risk,' the UPI app will automatically block the transaction and display a warning alert. Meanwhile, for numbers tagged as Medium risk, users will be shown a cautionary notification and may be asked to confirm the transaction platform is also introducing similar protective measures, such as delaying flagged transactions and prompting users for additional the FRI initiative comes at a time when cyber fraud incidents are rampant in India. Fraudsters are using different ways to trick people and often use newly activated SIM cards to run scams, deactivating them soon after, making it difficult for law enforcement to trace them in time. To counter this, the DoT's Digital Intelligence Unit (DIU) is also maintaining a Mobile Number Revocation List (MNRL). This data is said to be shared with financial institutions and includes numbers that have been disconnected for fraud-related say that as the lifespan of fraudulent mobile numbers is typically short, early detection is crucial. A number flagged by one platform can now be assessed and blocked across multiple UPI apps almost immediately.
India.com
22-05-2025
- India.com
Govts Big Measure For UPI Users; PhonePe, Paytm And Google Pay Users Must Check
photoDetails english 2904498 Updated:May 22, 2025, 09:43 AM IST 1 / 8 In a major step towards combating cyber fraud and financial crime, the Department of Telecommunications (DoT) has announced sharing of 'Financial Fraud Risk Indicator (FRI)' with stakeholders. It is a risk-based metric that classifies a mobile number to have been associated with Medium, High, or Very High risk of financial fraud. 2 / 8 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 multi- dimensional analytical tool developed as part of the Digital Intelligence Platform (DIP) to empower financial institutions with advance actionable intelligence for cyber fraud prevention. 3 / 8 This classification is an outcome of inputs obtained from various stakeholders including reporting on Indian Cybercrime Coordination Centre (I4C's) National Cybercrime Reporting Portal (NCRP), DoT's Chakshu platform, and Intelligence shared by banks and financial institutions. It empowers stakeholders-especially banks, NBFCs, and UPI service providers- to prioritize enforcement and take additional customer protection measures in case a mobile number has high risk. 4 / 8 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. 5 / 8 As the life of a mobile number that is misused in cyber frauds is generally few days, and full verification can take several days, an advance indicator on risk associated with such numbers is very useful. 6 / 8 As soon as a suspected mobile number is flagged by a stakeholder, it undergoes multi-dimensional analysis, and classifies it into Medium, High, or Very High financial risk associated with it. It then shares this assessment about the number immediately with all stakeholders through DIP. 7 / 8 Leading UPI platforms—PhonePe, Paytm and Google Pay, who collectively account for over 90% of UPI transactions, have begun integrating DIP alerts into their systems. 8 / 8 With UPI being the most preferred payment method across India, this intervention could save millions of citizens from falling prey to cyber fraud. The FRI allows for swift, targeted, and collaborative action against suspected frauds in both telecom and financial domains, the Ministry of Communications has said.
Time of India
22-05-2025
- Business
- Time of India
DoT introduces 'Financial Fraud Risk Indicator' to fight cyber fraud
New Delhi: The Telecom Department has introduced the ' Financial Fraud Risk Indicator (FRI)' that enables enhanced intelligence sharing with banks, UPI service providers and financial institutions, marking a major step towards tackling cyber fraud and financial crime, an official release said on Wednesday. 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. FRI allows for swift, targeted, and collaborative action against suspected frauds in both telecom and financial domains, the release said. "... Department of Telecommunications (DoT) has announced sharing of 'Financial Fraud Risk Indicator (FRI)' with stakeholders -- an output from a multi-dimensional analytical tool developed as part of the Digital Intelligence Platform (DIP) to empower financial institutions with advance actionable intelligence for cyber fraud prevention," it said. Explaining the 'Financial Fraud Risk Indicator', it said this is a risk-based metric that classifies a mobile number to have been associated with 'Medium', 'High', or 'Very High' risk of financial fraud. This classification is an outcome of inputs obtained from various stakeholders including reporting on Indian Cybercrime Coordination Centre (I4C's) National Cybercrime Reporting Portal (NCRP), DoT's Chakshu platform, and intelligence shared by banks and financial institutions. "It empowers stakeholders -- especially banks, NBFCs, and UPI service providers -- to prioritise enforcement and take additional customer protection measures in case a mobile number has high risk," the release added. On how advance notification would help, it said 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, say on account of involvement in cyber-crime, failed re-verification, exceeding prescribed limits. These numbers are also usually used for financial frauds. "As the life of a mobile number that is misused in cyber frauds is generally few days, and full verification can take several days, an advance indicator on risk associated with such numbers is very useful. Thus, as soon as a suspected mobile number is flagged by a stakeholder, it undergoes multi-dimensional analysis, and classifies it into Medium, High, or Very High financial risk associated with it," it said. It then shares this assessment about the number immediately with all stakeholders through DIP. An initial adopter of FRI, PhonePe, has used it to decline transactions linked to Very High FRI mobile numbers and display an on-screen alert as part of PhonePe Protect feature. "The data shared by PhonePe indicates the efficacy of the model as the predictability of the numbers passed as soft signal to be actually involved in cyber fraud cases has been found to be very high. For Medium FRI numbers, PhonePe is working for displaying a proactive user warning before allowing the transaction," the release said.
