Financial Fraud Risk Indicator Prevents Cyber Fraud Losses in India

India's Financial Fraud Risk Indicator has helped prevent cyber fraud losses worth approximately 660 crore within just six months of its rollout, according to a Ministry of Communications release. Launched on May 22, 2025, the FRI is implemented through the Department of Telecommunications' Digital Intelligence Platform.

The initiative has led to the onboarding of more than 1,000 banks, Third-Party Application Providers, and Payment System Operators on the platform. The Reserve Bank of India and the National Payments Corporation of India have been instrumental in driving these achievements.

The Ministry noted that cybercrime in India has evolved, with fraudsters operating like organized digital cartels. However, citizen participation through the Sanchar Saathi platform has emerged as a critical factor in combating these threats.

This platform allows citizens to report suspected fraud communications and other cyber-related issues. The Department of Telecommunications highlighted the importance of public engagement in preventing fraud and emphasized the continued collaboration among various financial authorities to protect India's digital economy.