Key Takeaways
- Real-time financial fraud risk data sharing enabled.
- Early detection of fraudulent mobile numbers protects citizens’ digital transactions.
- Collaboration leverages AI, big data, and secure platforms like DIP and Finnex 2.0.
- 2.84 crore fraudulent numbers disconnected; ₹140 crore saved from 48 lakh blocked transactions.
- Continuous updates ensure adaptive measures against evolving cyber threats.
In a significant step to strengthen India’s fight against cyber-crimes and financial frauds, the Department of Telecommunications (DoT) and the Financial Intelligence Unit-India (FIU-IND) have inked a detailed Memorandum of Understanding (MoU) aimed at boosting information sharing and coordinated action.
The MoU was signed by Shri Sanjeev Kumar Sharma, Deputy Director General (AI & Digital Intelligence Unit – DIU), DoT, and Shri Amit Mohan Govil, Director, FIU-IND, in the esteemed presence of Dr. Neeraj Mittal, Secretary (Telecom), and Shri Arvind Shrivastava, Secretary (Revenue). This partnership marks a key milestone in combining telecom intelligence with financial intelligence to ensure safer digital transactions across the country.
Key Statements:
- Dr. Neeraj Mittal, Secretary (Telecom): Emphasized the need for departments to collaborate beyond boundaries to address gaps. Suggested a joint working group to identify shell companies and conduct deeper fraud analysis.
- Shri Arvind Shrivastava, Secretary (Revenue): Highlighted the partnership’s potential to improve system efficiency, accuracy, and timely use of data.
Key Highlights of the MoU
Enhanced Data Sharing:
- Real-time sharing of Financial Fraud Risk Indicator (FRI) data, categorizing mobile numbers as medium, high, or very high risk.
- Automatic sharing of Mobile Number Revocation List (MNRL) details by DoT with FIU-IND.
- FIU-IN to share mobile numbers linked to Suspicious Transaction Reports (STRs) and money mule activities.
- Secure exchange via advanced platforms: DoT’s Digital Intelligence Platform (DIP) and FIU-IND’s Finnex 2.0 portal.
Strengthening Telecom Cybersecurity:
- Early detection of fraudulent mobile numbers to prevent financial crimes.
- Protection of digital transactions using FRI data for enhanced risk checks.
- Real-time intelligence enables proactive fraud detection through inputs from DoT’s Chakshu platform, financial institutions, and law enforcement agencies.
Current Reach of DIU:
- DIU’s Digital Intelligence Platform is used by over 700 stakeholders including 36 State/UT Police, Central LEAs, SEBI, NPCI, FIU-IND, and 650 banks and financial institutions.
Impact & Future Plans
- Prevented/declined 48 lakh fraudulent transactions, saving ₹140 crore.
- Disconnected 2.84 crore fraudulent mobile connections via the Sanchar Saathi platform.
- Development of Standard Operating Procedures (SOPs) for data sharing.
- Creation of feedback mechanisms and red flag guidelines for banks and financial institutions.
- Continuous consultation between DoT and FIU-IND to adapt to evolving cyber threats.
About the Agencies
- FIU-IND: India’s central agency for receiving, analyzing, and disseminating information on suspicious financial transactions. Coordinates efforts against money laundering and terrorism financing.
- DIU, DoT: Specialized wing to curb telecom misuse in cyber-crimes and financial fraud. Implements AI and big-data-based solutions including ASTR (multi-SIM detection), CIOR (spoofed call detection), Sanchar Saathi portal & app, and FRI (Financial Fraud Risk Indicator).
Author
FAQs
What is the objective of the DoT-FIU-IND MoU?
The MoU aims to enhance real-time information sharing and coordination between telecom and financial intelligence agencies to prevent cyber-crimes and financial fraud.
What is Financial Fraud Risk Indicator (FRI)?
FRI is a tool that categorizes mobile numbers as medium, high, or very high risk based on their involvement in suspicious financial activities, helping banks and institutions take preventive measures.
How will this partnership protect digital transactions?
By sharing real-time FRI and other intelligence data, banks and financial institutions can flag high-risk mobile numbers and prevent fraudulent transactions before financial loss occurs.
Which platforms are being used for secure data sharing?
DoT’s Digital Intelligence Platform (DIP) and FIU-IND’s Finnex 2.0 portal will facilitate secure, real-time information exchange between the agencies.
What impact has DoT’s Digital Intelligence Platform already achieved?
Using tools like Sanchar Saathi and FRI, DIU has helped disconnect 2.84 crore fraudulent numbers and prevented/declined 48 lakh fraudulent transactions, saving ₹140 crore for citizens.
