How government, private apps together saved ₹200 crore from cyber fraud
PhonePe and Paytm have helped save nearly ₹200 crore from cyber fraud in the last two months, thanks to the Department of Telecommunications' Fraud Risk Indicator (FRI) system.
FRI checks mobile numbers against national cybercrime data and flags risky ones, making it way harder for scammers to slip through.
It's a real example of how teaming up—government and private apps—can actually make digital payments safer.
FRI has helped banks and payment apps in spotting shady transactions
With FRI, banks and payment apps can spot and stop shady transactions fast.
Since rolling out, it's helped freeze over 1 million accounts and block nearly 5 million suspicious transactions.
PhonePe alone dodged about ₹125 crore in fraud, while Paytm avoided ₹68 crore in losses.
That's a serious upgrade in digital safety.
Future plans include expanding FRI's reach to more platforms
Seeing how well FRI works, there's talk of expanding it even more.
If more platforms get on board, digital payments across India could become a lot safer.
It's all part of a bigger push by the government to keep online money moves secure and protect people from cybercrime.