Wary of BoB World app and other scams, Fin Min bats for enhanced KYC, due diligence

To counter financial frauds like the BoB World app scam, the finance ministry proposes reinforced KYC procedures and due diligence for merchant onboarding. Enhanced data security is urged for merchants and Business Correspondents (BCs) to mitigate cyber risks. RBI may advise reviewing BC concentration in fraud-prone areas