To combat financial fraud, the government is collaborating with banks to develop a real-time due diligence process for identifying 'mule' accounts. The Central Economic Intelligence Bureau suggests banks access mobile number data for risk assessment, balancing security with ease of account opening. Banks propose holistic customer profiling and verifying SIM card registration details to enhance fraud detection.
from Banking/Finance-Industry-Economic Times https://ift.tt/E5i29YG
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