PhonePe Introduces 'PhonePe Protect' for Enhanced Transaction Security

PhonePe has unveiled 'PhonePe Protect', a security framework to shield users from fraudulent transactions. This innovation offers alerts for suspicious numbers and prevents risky payments. By collaborating with the DoT's Financial Fraud Risk Indicator tool, PhonePe continues reinforcing user safety in the digital financial ecosystem of India.

PhonePe, a prominent fintech player, has launched a cutting-edge security platform named 'PhonePe Protect.' This novel tool is engineered to safeguard users from potentially fraudulent transactions by issuing alerts for payments to suspicious numbers.

The feature effectively identifies high-risk transactions using insights from the Department of Telecommunications' Financial Fraud Risk Indicator. This collaboration enables real-time intervention and notification to users considering sending money to dubious mobile numbers, significantly enhancing their transaction security.

At the recent India Mobile Congress, PhonePe was lauded for leveraging this AI-driven fraud detection tool to combat cyber threats. Head of Trust and Safety, Anuj Bhansali, underscored PhonePe's commitment to a secure digital payment ecosystem, reinforcing its mission to protect over 61 crore users.

(With inputs from agencies.)