India will combat financial fraud with special 160 phone series for financial institutions

In an effort to combat rising financial fraud, the Indian government has allocated 160 dedicated mobile phone series exclusively for transactional and service-related voice calls by financial institutions. This step aims to help citizens easily identify legitimate calls from banks, insurance companies and other financial entities and protect them from scams.

This initiative, led by the Telecom Regulatory Authority of India (TRAI), involves collaboration with key financial regulators including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority . of India (IRDAI).

By implementing these special phone series, authorities aim to clearly distinguish between genuine calls from financial institutions and calls from fraudsters.

Additionally, the Ministry of Communications announced the ongoing migration of the existing 140 phone series used for promotional calls to a distributed ledger technology (DLT) platform. This shift, combined with stricter digital consent protocols, is expected to significantly reduce the number of spam calls originating from ten-digit numbers.

During a meeting with regulators, financial institutions and telecom providers, all stakeholders emphasized the importance of joint efforts to combat spam calls and protect consumers from financial fraud.