RBI acts tough against cyber frauds, directs all banks to use DoT’s FRI technology to protect bank customers

Reserve Bank of India directed banks to use Financial Fraud Risk Indicator (FRI). This technology, developed by Department of Telecommunications, aims to combat cyber fraud. Banks will use FRI to safeguard customers from fraudulent activities including via UPI. The system facilitates real-time responses and continuous feedback. PhonePe, HDFC Bank, ICICI Bank, Punjab National Bank and others are already using it. Read to know more.