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Informative
70% of frauds occur due to inadequate re-KYC measures by banks and lending companies
Update / Judgement Date
23 Aug 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
BankingFinancial Management
A significant percentage of financial frauds are attributed to inadequate re-KYC (Know Your Customer) measures by banks and lending companies. This statistic highlights the critical need for robust KYC procedures to prevent fraud and ensure the integrity of financial transactions.
