Financial Fraud Risk Indicator (FRI) : Recently, the Reserve Bank of India (RBI) issued an advisory directing all Scheduled Commercial Banks, Small Finance Banks, Payments Banks, and Co-operative Banks to integrate the Financial Fraud Risk Indicator (FRI) into their systems.
oThe classification is based on inputs from multiple sources, like: The National Cybercrime Reporting Portal (NCRP) under the Indian Cyber Crime Coordination Centre (I4C)
üDoT’s Chakshu platform
üIntelligence from banks and financial institutions
oBanks can use FRI data to: Block or delay suspicious transactions and issue alerts or warnings to customers
oInstitutions such as PhonePe, Paytm, HDFC Bank, ICICI Bank, PNB, and India Post Payments Bank are already using FRI.
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The UPSC Civil Services Exam has three parts:
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