KYC compliance and MSME sector with cybersecurity


Online fraud cases totalled Rs 128 crore in FY22, according to the Reserve Bank of India. MSMEs became a target of cyberattacks more frequently because of a lack of funding. Lack of KYC (Know Your Customer (KYC) is essential in today’s financial world. The lack of formalisation and low levels of MSMEs’ registration in Udyog Aadhaar Memorandum limit the use of various schemes and credit support.KYC is essential in today’s financial world as a weapon and is intended to assist in the prevention and detection of illegal activities or financing of terrorism.

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