The Finance Ministry is advocating stricter measures to tackle cyber fraud, prompted by a surge in incidents like the recent Bank of Baroda World app scam. With over 1.1 million cyber fraud cases in 2023, amounting to Rs 7,488.63 crore, urgency for action is evident. Efforts include strengthening KYC procedures for Business Correspondents (BCs), enhancing data security at the merchant level, and reviewing fraud hotspots by the RBI, including micro ATMs. The RBI previously banned Bank of Baroda from onboarding new customers on its 'BoB World' app due to supervisory concerns, indicating a need for rigorous oversight in digital banking.