India's Financial Fraud Indicator Saves Rs 660 Crore in Six Months

India's Financial Fraud Risk Indicator (FRI) has prevented cyber fraud losses worth Rs 660 crore in six months. Launched on May 22, 2025, it highlights inter-agency action and citizen participation. Supported by RBI and NPCI, it involves over 1,000 banks and highlights the role of the Sanchar Saathi platform.

India's Financial Fraud Risk Indicator (FRI) has successfully averted cyber fraud losses totaling approximately Rs 660 crore within only half a year since its inception, according to the Ministry of Communications. The rollout, initiated on May 22, 2025, demonstrates the effectiveness of collaborative inter-agency efforts and the crucial involvement of citizens in tackling digital financial crimes through coordinated action.

The robust impact of the FRI has been bolstered by active collaboration with the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), which facilitated the onboarding of a substantial number of banks and financial institutions onto the Digital Intelligence Platform. Currently, more than 1,000 banks, Payment System Operators (PSOs), and Third-Party Application Providers (TPAPs) are employing the FRI, as per the ministry's statement.

Highlighting the shifting dynamics of cybercrime, with perpetrators acting as organized digital cartels, officials pointed to the efficacy of Jan Bhagidari in the fight against cybercrime. Citizens play a vital role via Sanchar Saathi, a powerful crowdsourced cyber-intelligence tool that continuously feeds the FRI with intelligence on potential frauds. This initiative speaks volumes about the rising public trust and proactive efforts in countering cyber fraud.

(With inputs from agencies.)