Yes, there is lot of mis-selling happening in all banks today. Most of the times, it seems that, Banks do share private data of the customers to third parties and it reaches fraudsters easily. This is evident from large number of frauds happening in India which is unheard of in Developed Nations. This is very serious issue since I have worked in Cyber Security practice of large IT company, I am aware about this.
This is one of the reasons I do not personally use credit cards to pay bills, as Billers can misuse the credit card data though it is supposed to be masked or encrypted.
I agree that, FinTech industry has not solved the problem of cyber frauds in India and This is one major area which looks complete re-look.
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