Context
Recently, the Department of Telecommunications (DoT) has launched the Financial Fraud Risk Indicator (FRI) as part of the Digital Intelligence Platform (DIP) to protect financial systems and telecom infrastructure.
About Financial Fraud Risk Indicator (FRI)
- FRI is a risk-based indicator that classifies cell numbers into 3 categories—Medium, High, or Very High hazard—based on their chance of being concerned in fraudulent activities.
- This class is derived from multiple statistics assets, along with the Indian Cybercrime Coordination Centre’s National Cybercrime Reporting Portal, the DoT’s Chakshu platform, and data shared by banks and financial institutions.
- When a mobile number is flagged, it undergoes a multi-dimensional analysis to evaluate its threat level. The FRI assessment is then shared with stakeholders in actual-time.
- Major UPI systems like PhonePe, Paytm, and Google Pay are actually integrating FRI signals.
Cyber Fraud in India
- It has emerged as a growing difficulty in India, with financial scams, identification theft, and digital crimes increasing at an alarming rate.
- As digital transactions increase, so do the risks associated with cyber fraud.
- It consists of Hacking, Phishing, Identity Theft, Cyber Espionage, and Cyberbullying etc.
Government Initiatives Against Cyber Financial Fraud
- Key Legislative Measures: Cyber Crimes cases are treated under the provisions of the Information Technology Act, 2000, the Bhartiya Nyaya Sanhita, 2023 and Protection of Children from Sexual Offences Act, 2012 (POCSO Act).
- Chakshu Facility at the Sanchar Saathi Platform: It lets in residents to report suspicious calls and messages.
- E-Zero FIR Initiative under I4C of MHA: It permits sufferers to document FIRs online, putting off jurisdictional limitations and expediting regulation enforcement responses.
- Indian Cyber Crime Coordination Centre (I4C): It has been established to tackle cybercrime, and the National Cyber Crime Reporting Portal lets in residents to report incidents on-line.
- RBI’s AI based tool ‘MuleHunter’: For identity of money mules and recommended the banks and financial institutions for its uses.
- Citizen Financial Cyber Fraud Reporting and Management System: This system has helped recover over ₹1,200 crore from fraudulent transactions.
- Blocking Fraudulent SIM Cards: More than 3.2 lakh SIM cards and 49,000 IMEIs related to cyber fraud had been blocked.
- Cyber Awareness Campaigns: The government promotes cybersecurity cognizance through social media, radio campaigns, and educational programs.
Source: The BS
Mains PYQ
Q. What are the different elements of cyber security ? Keeping in view the challenges in cyber security, examine the extent to which India has successfully developed a comprehensive National Cyber Security Strategy. (2022)
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