Govt Alert: UPI Fraud Alert for Paytm, PhonePe, Google Pay Transactions under scrutiny
Understanding the Financial Fraud Risk Indicator (FRI)
As one of the major moves to stem rising cyber threats, the Department of Telecommunications (DoT) has launched the Financial Fraud Risk Indicator (FRI). It checks mobile numbers against suspected fraud risk, grading them as Medium, High, or Very High Risk depending on their linkage with financial offenses.
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How Does the FRI Work?
FRI functions using the Digital Intelligence Platform (DIP), filtering out suspicious mobile numbers on various parameters. After screening, the risk rank is communicated to stakeholders, enabling them to take preventive measures in real life against illegal transactions.
Integration with UPI Platforms
Leading UPI players such as Paytm, PhonePe, and Google Pay, which execute more than 90% of UPI transactions in India, are adding DIP alerts into their systems. It is being done with an eye on pre-empting and avoiding fraudulent transactions while UPI payments are made.
Other Measures: Mobile Number Revocation List (MNRL)
In order to enhance security further, the DoT’s Digital Intelligence Unit (DIU) also shares the Mobile Number Revocation List (MNRL) with payment system operators and banks. The list helps identify and deactivate inactive or reassigned mobile numbers from the UPI ecosystem to reduce the likelihood of unauthorized transactions.
What Can UPI Users Do
- Update Mobile Numbers: Make sure your bank and UPI apps are aware of your current mobile number to prevent interruptions.
- Verify Transactions: Recheck transaction information prior to accepting payments.
- Be Wary of Phishing: Never give out UPI PINs and OTPs.
- Download Apps from Genuine Places: Download UPI apps from authentic sources such as the Google Play Store or Apple App Store.
Conclusion
The government announcement of an FRI and compatibility with mainstream UPI platforms reflects the need to offer cybersecurity in online transactions. Users remaining vigilant and careful can make sure that the virtual payment space is a secure one.
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