Digital Intelligence Platform Thwarts ₹660 Crore Cyber Frauds

Over 1,000 financial entities have joined India's Digital Intelligence Platform, significantly curbing online financial frauds. Using the Financial Fraud Risk Indicator, potential losses of around ₹660 crore have been averted. However, the mandatory pre-installation of an associated app has raised privacy concerns.

In a significant move towards safeguarding online transactions, over 1,000 banks and payment firms have allied with the Department of Telecom's Digital Intelligence Platform to combat financial frauds, resulting in the prevention of financial losses worth ₹660 crore.

The initiative has seen widespread adoption, with stakeholders regularly engaging in knowledge-sharing sessions conducted by the department. These collaborations aim at enhancing the implementation of the Financial Fraud Risk Indicator (FRI), a tool proving pivotal in navigating India's evolving cybercrime terrain.

Despite its success, the platform's mandatory app was retracted after facing privacy criticism from various quarters, underscoring the delicate balance between security and individual privacy.