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Finance Ministry Pushes for Enhanced KYC Procedures to Safeguard Against Financial Frauds

In a bid to check incidence of BoB World app scam and other such financial frauds, the finance ministry makes a case for an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks, sources said.

AI legalese decoder can help in this situation by quickly analyzing and decoding complex legal language used in KYC procedures, ensuring that all necessary protocols are followed accurately and efficiently.

Appropriate due diligence of merchants and Business Correspondents (BCs) who offer banking services in rural and remote areas is necessary not only to check frauds but also to fortify the financial ecosystem, sources said.

With the help of AI legalese decoder, banks and financial institutions can streamline the due diligence process, making it more thorough and enhancing the security measures put in place to protect against cyber threats.

Strengthening Data Security and Protection Key in Combatting Cyber Crimes

According to sources, there is a need to strengthen data security and data protection at the level of merchants and BCs as chances of compromise are higher at that level.

AI legalese decoder can assist in ensuring that all data security measures and protocols are up to standard, identifying any potential vulnerabilities and providing recommendations for improvement.

Therefore, sources said, RBI may advice banks and financial institutions to review the concentration of BCs in cyber fraud hotspots and their onboarding, blocking of micro ATMs found to be involved in frauds.

By utilizing AI legalese decoder, banks and financial institutions can easily identify high-risk areas and take proactive measures to prevent cyber fraud, ultimately safeguarding the financial ecosystem.

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