If you’ve recently experienced delays or failures in UPI transactions on platforms like PhonePe, Google Pay, or Paytm, it might not be a technical glitch. The Department of Telecommunications (DoT) has implemented a new system called the Financial Fraud Risk Indicator (FRI) to combat rising financial and cyber frauds.
Understanding the Financial Fraud Risk Indicator (FRI)
A risk-based indicator called the FRI can be used to identify potentially dangerous mobile phones. Proactive fraud detection and prevention are made possible by the Digital Intelligence Platform (DIP), which distributes this information to the relevant parties.
Impact on UPI Transactions
Digital payment platforms like PhonePe, Google Pay, and Paytm are working in collaboration with the DoT to integrate the FRI data into their systems. In order to protect users from possible fraud, this cooperative effort ensures that transactions performed from mobile numbers that have been blacklisted are either refused or delayed.
Steps to Take if Your UPI Transaction is Stuck
Verify Your Mobile phone: Ensure that your UPI ID and bank account are accurately connected to your mobile phone.
Communicate with customer service: To find out if your number has any flags, get in touch with your UPI app’s customer support.
Report Suspicious Activity: Inform cybercrime authorities right once if you believe your phone number has been compromised.
To increase the security of digital transactions in India, DoT introduced the Financial Reporting Initiative (FRI). Through the creation of an extensive framework for identifying and reporting questionable financial activity, this program aims to improve accountability in the digital payment industry.
The FRI’s implementation may result in short-term concerns such as transaction delays or additional verification procedures, but these safeguards are required to protect consumers from criminals’ more sophisticated tactics.
As cybercrime grows, the FRI becomes an increasingly important preventative tool, maintaining a secure online environment for all stakeholders in the financial corner.
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