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Indian fintech regulatory companies welcome RBI move on KYC fraud

Thehindubusinessline · 1y

Tech start-ups in India that provide regulatory services to financial institutions, such as IDfy, EMudhra, and Signzy, have welcomed the Reserve Bank of India's cautionary measures against frauds in know your customer (KYC) updation. As digital India and small businesses increasingly rely on fintech platforms, there is a growing need for fraud detection and prevention services. The RBI's warning comes in light of the rising instances of bank fraud in the country. Fintech companies are encouraged to adopt a risk-based approach to strike a balance between regulatory compliance and customer convenience. Customers are advised to avoid sharing sensitive information with unofficial channels and report any cyber fraud to their banks.