Digital Fraud and Scam

State Bank issued a circular on 26th May 2022 and instruct banks to provide reporting regarding Digital Fraud and Scam.

During these years, digital frauds and scams especially in banks have tremendously in the banking sector.

State Bank has asked all commercial banks and microfinance banks to report all such call centers and email frauds and scams to SBP in the excellent sheet not later than the 10th of each month.

The file would compile last month’s Digital fraud and scam data.

In this way, the central bank will have a better understanding of digital frauds in Pakistan through banking channels.

Many people in Pakistan have lost their bank balances due to such digital frauds.

Bank customers usually receive calls from bank helpline numbers who pretend to be call center agents.

The fraudsters ask for the sensitive information of the customers regarding bank accounts like credit card number, debit card number, mother name, pin code, etc.

If the customer hesitates to provide such information the fraudster threatens to block the accounts and says the balance will be lost.

State Bank is also closely monitoring such frauds as it has a grave impact on the goodwill of the bank.

Bank reputation is badly affected by digital frauds and scams.

Banks need to upgrade their financial security system as well to counter such fraud

Also Read: State Bank Reduced Time Period For Bank Car Finance

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