Finance Ministry proposes enhanced KYC & due diligence for merchants and banking correspondents to prevent frauds like BoB World app scam.

Finance Ministry proposes enhanced KYC & due diligence for merchants and banking correspondents to prevent frauds like BoB World app scam. The need for strengthening data security & data protection at the merchant & BC level is emphasized due to higher chances of compromise. RBI may advise banks & financial institutions to review BC concentration in fraud hotspots, block involved micro ATMs & conduct incognito visits to monitor customer services.