Friday, 12 December, 2025
Banks Revert to Physical KYC Amid Surging Digital Fraud
Major banks and NBFCs are reintroducing physical verification checks and mandatory branch visits for online account opening. This U-turn reverses the trend of fully digital onboarding, driven by a sharp rise in identity theft and fraudulent "mule accounts" being created through sophisticated digital channels. The shift is seen as essential to curb high-value financial scams, slowing the industry's push for complete digital authentication.
Read full story at Economic Times