The Telecom Regulatory Authority of India (TRAI) has taken strong steps to stop different types of online fraud that have been happening for a while.
Anil Kumar Lahoti, Chairman of TRAI, said that telecom companies will now use the ‘1600’ number series. So, if you get a call from a number starting with 1600, it means the call is from a trusted bank, financial service, or insurance company. He told ET Telecom that this number series is made especially for service and transaction-related calls from the BFSI sector.
With this initiative, it will no longer be possible for fraudsters to claim to be employees of banks or insurance companies. Consequently, it will become easier for people to understand which calls are important and which ones can be ignored.
Experts believe that with the introduction of this number series, there will be a decrease in cases of fraud as no citizen will answer any calls that do not start with 1600. Moreover, if a call is answered, the fraudster will not be able to present themselves as an employee of a bank or insurance company, and consequently will not be able to carry out the scam.
According to Lahoti, telecom companies have been assigned the series of 1600 numbers. Banking, financial, and insurance companies are receiving this for use. TRAI has also advised the regulatory bodies overseeing this sector to encourage the companies under their supervision to adopt this system as soon as possible. It is noteworthy that some BFSI companies have already started using this series. SBI Card is one of the first to start using this series. With the help of this series, people will be able to easily identify reliable and secure calls.
In 2022, a Joint Committee of Regulators was set up under TRAI. It included representatives from RBI, SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), the Ministry of Home Affairs (MHA), and the Department of Telecommunications (DoT). The committee decided to create a system for the banking, financial, and insurance (BFSI) sector to curb fraudulent calls made using telecom resources. As the use of this system increases, it will become easier for everyone to identify necessary calls from the banking and insurance sectors.