Financial Fraud Risk Indicator Prevents Rs 660 Crore Cyber Fraud Losses in 6 Months

The Financial Fraud Risk Indicator (FRI) has helped prevent the financial loss of Rs 660 crore in cyber fraud across the banking ecosystem in just six months since its rollout, as announced by the Department of Telecommunications (DoT). The FRI, supported by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), has facilitated the onboarding of banks, financial institutions, and Third-Party Application Providers (TPAPs) on the Digital Intelligence Platform (DIP).
More than 1,000 banks, TPAPs, and Payment System Operators (PSOs) have already joined the DIP and started using the FRI actively. The DoT is actively engaging in knowledge-sharing sessions with stakeholders to enhance awareness and effective implementation of the FRI, with 16 sessions conducted so far, according to the Ministry of Communications.
The evolving cybercrime landscape in India has seen fraudsters operating in sophisticated ways, from digital arrest scams to advanced SIM-box networks. Amid this complexity, citizen participation through Sanchar Saathi, a crowdsourced cyber-intelligence tool, has emerged as a crucial force in combating cybercrime. Citizens are providing continuous inputs for the Financial Fraud Risk Indicator.
The DoT appreciates the efforts of vigilant citizens and Cyber Warriors who are utilizing the Sanchar Saathi platform to report Suspected Fraud Communications, fraudulent connections, and lost/stolen mobile handsets. The increasing downloads and usage of the Sanchar Saathi mobile App reflect citizens’ trust in the platform and their proactive role in preventing cyber frauds.
This significant citizen engagement is playing a crucial role in preventing the misuse of telecom resources by fraudsters and building a safer digital ecosystem. The ministry urges all citizens to use the Sanchar Saathi web portal and Mobile App for citizen-centric services, emphasizing its commitment to fostering a secure digital payments ecosystem through collaboration, fraud detection, and intelligence-driven interventions.