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Time of India
10 hours ago
- Time of India
RBI acts tough against cyber frauds, directs all banks to use DoT's FRI technology to protect bank customers
Academy Empower your mind, elevate your skills What is the Financial Fraud Risk Indicator and how can banks prevent cyber frauds occuring with customers? FRI helps banks take real time preventive measures to stop cyber frauds What experts say about DoT's FRI technology? Customers enjoy more secure transactions, early alerts, and reduced losses. Banks get data-driven tools, real-time decisioning, and regulated guidance from RBI. Overall ecosystem sees improved resilience in India's digital payment landscape. Real-Time Threat Detection Uses AI and machine learning to identify fraudulent activities (e.g., phishing, account takeovers, payment fraud) in real time. Analyses behavioural patterns to detect anomalies. Risk Scoring & Fraud Prevention Assigns risk scores to transactions, logins, or user activities to flag potential fraud. Helps businesses block high-risk transactions before they occur. Automated Intelligence & Threat Feeds Integrates threat intelligence from multiple sources (dark web, breach databases) to identify compromised credentials or fraud schemes. Proactively alerts customers about emerging fraud tactics. Collaboration with Fintech & Banks Fraud detection models help financial institutions block suspicious transactions. Reduces financial losses for customers. Identity Verification & Authentication Enhances identity proofing with biometrics, device fingerprinting, and behavioural analytics to prevent impersonation fraud. Adaptive Fraud Mitigation Continuously learns from new fraud patterns to improve detection accuracy. Reduces false positives, improving customer experience while maintaining security. Regulatory Compliance & Reporting Helps organizations comply with anti-fraud regulations (e.g., PSD2, GDPR) by providing audit trails and fraud analytics. Cross-sector integration Combines telecom, banking, and cybercrime reports to produce a real-time fraud risk indicator (FRI) per mobile number. Actionable risk scoring (Medium/High/Very High) This gives banks immediate, automated inputs during transactions—something few countries offer in this structured way. RBI-Mandated Usage Unlike many countries where data-sharing is voluntary or siloed, India has made this integration a regulatory requirement. API-first model Makes it scalable, real-time, and platform-agnostic—ready for adoption by private banks, fintechs, and payment gateways. False Positives / Data Bias: If mobile numbers are wrongly flagged (e.g. recycled SIMs), customers may face unfair friction. If mobile numbers are wrongly flagged (e.g. recycled SIMs), customers may face unfair friction. Privacy & Consent: Cross-sharing of telecom and banking data must be privacy-conscious under the DPDPA Act. Cross-sharing of telecom and banking data must be privacy-conscious under the DPDPA Act. Fraud Adaptation: Scammers may move to untraceable channels (e.g. WhatsApp or foreign VoIP numbers), needing TRI to evolve further. The Reserve Bank of India (RBI) has declared war on cyber fraud affecting bank customers in India. On June 30, 2025, the RBI directed all Scheduled Commercial Banks, Small Finance Banks, Payments Banks, and Co-operative Banks to incorporate the Financial Fraud Risk Indicator ( FRI ) developed by the Department of Telecommunications (DoT) into their developed this cyber security system known as FRI and rolled it out in May 2025. To give a brief overview of this technology, the FRI allows for the automated exchange of data and information between the banks and DoT's Digital Intelligence Platform (DIP). This system aids banks in safeguarding customers from cyber frauds by facilitating real-time responses to any fraudulent activity and providing continuous feedback to emhance the fraud risk a press release dated July 2, 2025, DoT said: 'The system's utility has already been demonstrated with leading institutions such as PhonePe, Punjab National Bank , HDFC Bank, ICICI Bank, Paytm, and India Post Payments Bank actively using the platform. 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.'Check out the info below to learn more about this technology and how it can protect regular bank customers from the threats of cyber the press release, the DoT said that the Financial Fraud Risk Indicator (FRI) 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 Cyber Crime Coordination Centre (I4C's) National Cybercrime Reporting Portal (NCRP), DoT's Chakshu platform, and Intelligence shared by banks and financial institutions.'DoT said that the FRI technology 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 said in the press release: 'The Digital Intelligence Unit (DIU) of DoT regularly shares the Mobile Number Revocation List (MNRL) with stakeholders, detailing numbers disconnected due to cybercrime links, failed re-verification, or misuse—many of which are tied to financial frauds.'The telecom department said that banks and financial institutions can use FRI in real time to take proactive steps like declining suspicious transactions, issuing alerts or warnings to customers, and delaying transactions flagged as high Wig, Co-founder & CEO, Innefu Labs says: 'Banks can leverage FRI to proactively alert customers about suspicious calls or messages originating from numbers identified as high-risk. By integrating FRI into their digital banking platforms, customer service workflows and fraud detection engines, banks can strengthen their ability to identify potential threats in real-time. Moreover, by coupling FRI data with AI-based risk scoring and user behaviour, analytics can help banks predict and prevent fraud before it occurs. This enhances customer trust and reduces financial exposure, while also helping law enforcement trace fraud networks more effectively.'Sheetal R Bhardwaj, executive member of Association of Certified Financial Crime Specialists (ACFCS), says: "Already adopted by major players like HDFC, ICICI, PhonePe, and Paytm, FRI enables institutions to flag suspicious activity, protect consumers, and reduce scam exposure. Its collaborative model bridges telecom and finance, creating a unified defense against cyber threats. As UPI continues to dominate India's payment landscape, FRI enhances transaction integrity and consumer confidence. With its scalable, data-driven approach, FRI could become a global model for fintech-telecom collaboration in fraud prevention—positioning India as a leader in digital trust."DoT further said: 'This move marks a new era of digital trust and security, reinforcing the Government's broader Digital India vision. DoT continues to work closely with RBI-regulated entities to streamline alert mechanisms, accelerate fraud detection, and integrate telecom intelligence directly into banking workflows. As more institutions adopt FRI into their customer-facing systems, it is expected to evolve into a sector-wide standard, reinforcing trust, enabling real-time decision-making, and delivering greater systemic resilience across India's digital financial architecture.'ET Wealth Online has asked various experts about how DoT's FRI technology can help consumers, here's what they said:There are few countries who use similar technology like USA, UK, Singapore, Australia, China etc. This latest development layers telecom intelligence into banking workflows, creating a proactive fraud shield:Here's how banks can use TRI technology to help their customers in respect to cyber fraud:Strengths of this technology:The Financial Fraud Risk Indicator (FRI), launched by the Department of Telecommunications' Digital Intelligence Unit, is more than a fraud detection tool—it's a digital trust enabler. By classifying mobile numbers based on fraud risk using data from cybercrime portals, telecom intelligence, and financial institutions, FRI empowers banks and UPI providers to take real-time, preventive action.
New Indian Express
10 hours ago
- New Indian Express
Weekly review: Rupee holds steady in early July despite global headwinds
The Indian rupee remained relatively stable during the first week of July 2025, trading within a narrow range against the US dollar. Despite global economic headwinds and tariff uncertainties, the rupee managed to strengthen midweek before ending the week on a flat note. Exchange rate highlights: July 1 (Tuesday): The rupee opened around ₹85.70 and closed near ₹85.59, reflecting minor gains amid calm market conditions. July 2 (Wednesday): The rupee showed slight weakness, influenced by global concerns over potential U.S. tariff policies. It traded in the ₹85.52–₹85.77 range. July 3 (Thursday): The rupee appreciated to a one-month high, closing at ₹85.31. This gain was driven by foreign inflows and optimism surrounding a potential trade agreement between India and the US. July 4 (Friday): The currency remained stable at around ₹85.62. Strong US jobs data supported the dollar, limiting further rupee gains. July 5 (Saturday): Markets were mostly flat with the rupee estimated to remain in the ₹85.60–₹85.65 band. Key influencing factors this week's rupee trend included range-bound trading, US trade and economic signals, capital inflows and the central bank's stable policies. The rupee moved between ₹85.30 and ₹85.90 for most of the week, showing resilience despite global volatility. Tariff concerns and strong US employment figures affected the dollar's performance, indirectly impacting the rupee. A surge in foreign investor activity and dollar sales by banks helped the rupee gain midweek. The Reserve Bank of India (RBI) maintained its support for the currency through measured interventions. The analysts expect the rupee to remain in the ₹85–₹86 range in the near term. Market participants are watching for developments in US–India trade negotiations and upcoming US Federal Reserve comments. However, any major shift in foreign investment sentiment or global macroeconomic data could affect the rupee's direction next week, they warned.
India.com
10 hours ago
- India.com
Indian Stock Markets End Week Lower Amid Trade Deal Concerns, Profit Booking
Mumbai: The Indian equity markets closed lower for the week as investors turned cautious ahead of the crucial July 9 US-India trade deadline and the start of the corporate earnings season, experts said on Saturday. Both benchmark indices -- the Sensex and the Nifty -- slipped 0.7 per cent each on a weekly basis, as broader market sentiment remained clouded by global uncertainty and profit booking after the recent rally. The Nifty ended the week at 25,461, while the Sensex closed at 83,432.89. The indices had started the week with a strong breakout, but the momentum faded amid concerns over a possible delay in finalising trade agreements. However, reports suggesting an interim deal between India and the US helped limit the downside in the latter half of the week. According to Ajit Mishra of Religare Broking Limited, the pullback was largely driven by investors booking profits following recent gains. 'The cautious tone was evident with the looming trade deadline. However, optimism around a potential agreement between India and the US acted as a cushion,' he noted. India's fiscal health remained strong, supported by a robust Rs 2.69 lakh crore dividend transfer from the RBI, which helped contain the fiscal deficit at just 0.8 per cent of the annual target. June GST collections also remained firm, rising 6.2 per cent year-on-year (YoY) to Rs 1.84 lakh crore. Vinod Nair, Head of Research, Geojit Financial Services, said, 'The week saw some consolidation after sharp gains in previous sessions. Global cues remained mixed, and investors preferred to stay on the sidelines ahead of the US tariff decision." 'FIIs turned cautious due to high valuations, but support from DIIs kept the market from falling sharply,' Nair mentioned. From a sectoral perspective, defensive sectors like IT and healthcare outperformed, supported by stock-specific action and stable demand. Meanwhile, rate-sensitive sectors such as banking, auto, and realty witnessed pressure from profit booking. FMCG stocks also edged lower. Defence stocks, however, saw strong buying after the government cleared several high-value contracts. Technically, the market entered a consolidation phase. Bajaj Broking Research noted that the Nifty has formed a small bear candle with a higher high and low on the weekly chart, signalling consolidation amid stock specific action after the recent strong upward move. 'Key support levels are seen around 25,150–25,200, coinciding with the 20-day exponential moving average, while resistance is expected near the 25,600–25,740 zone,' according to Angel One. 'A breakout above this range could trigger the next leg of the rally,' the brokerage added.
