Srinagar, Oct. 22 -- In an increasingly digital India, Know Your Customer (KYC) verification has become an essential part of banking and financial services. It helps banks to verify the identity of customers, prevent financial crimes and maintain the security of the banking system. The main purpose of KYC is to prevent identity theft, terrorist financing, money laundering, and financial fraud. The process also helps Financial Institutions and businesses to understand the customer better. As per the RBI norms, KYC has become mandatory requirement. The details like legal name, identity proof, correct permanent address as per identity proof of customers are collected to complete the KYC process.

However, cybercriminals are exploiting the im...