Hyderabad: DoT prevents Rs 228cr from falling into fraudsters' hands

HYDERABAD: Five months after the Department of Telecommunications (DoT) launched the Financial Fraud Risk Indicator (FFRI) initiative to combat cybercrime, the system has helped prevent 228 crore of victims' money from falling into the hands of cyber fraudsters in India.With assistance from various banks, DoT authorities have frozen 10.31 lakh bank accounts linked to cyber fraud using data generated through the FFRI since its implementation in May.This information was disclosed by the DoT's Telangana and Andhra Pradesh Unit during a meeting organized by the Reserve Bank of India (RBI) officials two days ago. The meeting, attended by Chief Executive Officers (CEOs) of 48 Urban Cooperative Banks (UCBs), focused on the need to integrate UCBs into the FFRI system to better protect the public and bank customers from cyber fraud.

By correlating data sourced from the National Cyber Crime Reporting Portal (NCCRP), banks, and other stakeholders, the DoT identified phone numbers linked to bank accounts used by cybercriminals to divert victims' money. Using this dynamic data, the DoT classified suspicious phone numbers into three risk categories - very high, high, and medium - based on threat assessments conducted by the Telecom Department's Digital Intelligence Platform (DIP).

These phone numbers are linked to those bank accounts involved in the cybercrime money trail. "A prospective cybercrime victim, if they transfer money via UPI, which is the most preferred mode for fraudsters, to a phone number provided by the fraudster, and if that number is flagged in our suspicious accounts pool, the system will react immediately. If phone number falls under very high-risk or high-risk category, the FFRI system ensures banking transaction generated by the victim is automatically declined," sources in DoT told TOI.55L transactions declinedOver the past five months, 55.43 lakh such transactions have been declined. In cases involving medium-risk accounts, the Telecom Department issues a red flag to the sender, warning that the recipient's phone number is associated with cybercriminal activity. Similarly, for net banking transactions, any account linked to a flagged phone number will have restricted transaction access.Sources said that currently, only a limited number of banks and UPI platforms are integrated into the FFRI system. The DoT is gradually bringing more financial institutions on board, with a special focus on cooperative banks, as a significant number of mule accounts have been found to be opened in these institutions.As per Telangana police, victims have lost 947 crore to cyber fraud this year. Across India, complainants reported losses amounting to 22,845 crore in 2024, as per data by ministry of home affairs.