New Delhi, May 21 -- The Department of Telecommunications (DoT), under the Union Ministry of Communications on Wednesday introduced Financial Fraud Risk Indicator (FRI), which enables Intelligence sharing with Banks, UPI service providers and Financial Institutions in an effort to strengthen Cyber Fraud Prevention, according to a statement from the Ministry.

"FRI boosts cyber protection and validation checks in case of mobile numbers flagged with this tool when digital payment is proposed to be made to such numbers," read an official statement from the ministry.

FRI allows for swift, targeted, and collaborative action against suspected frauds in both telecom and financial domains. With UPI being the most preferred payment method across ...