Now making digital payments is going to be even safer. If you also use UPI apps like Paytm, PhonePe, google pay or BHIM, then this news is very important for you. The Department of Telecom (DoT) has launched a new security system, which aims to curb online fraud. The name of this new initiative is Financial Fraud Risk Indicator (FRI). Its job is to identify those mobile numbers which may be involved in fraud. If a number is being used for cyber crime or any suspicious activity is seen in it, then it will be blocked.
What will the new system do?
The FRI system is a kind of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital alert tool. As soon as a suspicious number is involved in a banking or UPI transaction, this system will identify it and alert banks and other financial institutions. Before the fraud happens, it can be stopped. The most special thing about this system is that it will work not only for banks but also for non-banking platforms. That is, apps like Paytm, PhonePe, GPay will also be able to keep their users safe with the help of this tool.
Which numbers will FRI catch?
Numbers that have already been found to be associated with any fraud
Numbers that have not completed KYC or verification
Or those who are repeatedly violating the rules
All such numbers will be flagged through this system and will also be blocked if needed.
Why is this important?
Nowadays wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment has become very common, but with this the cases of cyber fraud have also increased rapidly. In such a situation, this step of the government will not only increase the security of the common people, but will also increase the trust regarding wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions.
click and follow Indiaherald WhatsApp channel