In a bid to check the incidence of BoB World app scams and other such financial frauds, the finance ministry makes a case for an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks, sources said. Appropriate due diligence of merchants and Business Correspondents (BCs) who offer banking services in rural and remote areas is necessary not only to check frauds but also to fortify the financial ecosystem, sources said. According to sources, there is a need to strengthen data security and data protection at the level of merchants and BCs as the chances of compromise are higher at that level. Therefore, sources said, RBI may advise banks and financial institutions to review the concentration of BCs in cyber fraud hotspots and their onboarding, and blocking of micro ATMs found to be involved in frauds.