Cyber Security – CERTs, Policy, etc

[pib] DoT introduces Financial Fraud Risk Indicator (FRI)

Prelims Only | Security Issues | Mains Paper 3: Cyber Security

Why in the News?

In a major move to fight cyber fraud and financial crime, the Department of Telecommunications (DoT) has launched the Financial Fraud Risk Indicator (FRI) as a part of the Digital Intelligence Platform (DIP).

Back2Basics: Digital Intelligence Platform (DIP)

  • DIP is developed by the Department of Telecommunications (DoT) as a secure, integrated platform for real-time intelligence sharing.
  • Stakeholders Involved: It connects Telecom Service Providers (TSPs), law enforcement agencies (LEAs), banks, financial institutions, social media platforms, and identity document issuers.
  • Functionality: The platform contains information on telecom resource misuse and supports case tracking and coordinated action.
  • Sanchar Saathi Integration: DIP acts as a backend system for citizen requests submitted through the Sanchar Saathi portal.
  • Access Control: DIP is available only to authorized stakeholders via secure connections and is NOT accessible to public.

What is the Financial Fraud Risk Indicator (FRI)?

  • Purpose: FRI is a risk-based tool that flags mobile numbers as Medium, High, or Very High risk for financial fraud.
  • Data Sources: It pulls inputs from the National Cybercrime Reporting Portal (NCRP), DoT’s Chakshu Platform, and banking institutions.
  • Beneficiaries: Helps banks, NBFCs, and UPI service providers implement added security for high-risk numbers.
  • How It Works:
    • The Digital Intelligence Unit (DIU) shares a Mobile Number Revocation List (MNRL) with reasons like cybercrime, failed verification, or excess usage.
    • The tool performs multi-dimensional analysis and assigns a fraud risk level.
    • Risk status is shared in real-time via DIP, enabling early action before fraud occurs.

Case Study: PhonePe’s use of FRI System

  • PhonePe was one of the first adopters of the FRI system.
  • It uses FRI to:
    • Block transactions linked to Very High-risk numbers.
    • Display alerts using the PhonePe Protect feature.
  • For Medium-risk numbers, PhonePe is working on showing proactive user warnings before transactions.
  • The tool has proven highly accurate in identifying numbers involved in cyber fraud.

 

[UPSC 2021] Which one of the following effects of the creation of black money in India has been the main cause of worry to the Government of India?

Options: (a) Diversion of resources to the purchase of real estate and investment in luxury housing (b) Investment in unproductive activities and purchase of precious stones, jewelry, gold, etc. (c) Large donations to political parties and the growth of regionalism (d) Loss of revenue to the State Exchequer due to tax evasion*

 

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