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Major banks pause digital onboarding as mule account scams surge: Report

Several major banks are reverting to physical verification for new account openings, halting end-to-end digital onboarding. This move aims to combat identity theft and the proliferation of mule accounts, a significant concern for lenders. While some banks are reintroducing branch visits, HDFC Bank continues to invest in enhancing its digital security.

12 Dec 2025 3:14 pm