RBI advises banks to integrate DoT’s financial fraud technology

The Reserve Bank of India has advised all banks to integrate the Financial Fraud Risk Indicator tool developed by the Department of Telecom to curb online fraudulent transactions, an official statement said on Wednesday.

Banks and financial institutions can use the Financial Fraud Risk Indicator (FRI) in real time, which classifies mobile numbers based on their association with medium, high or very high risk of financial fraud.