Pakistan warns people against phone banking scam

The State Bank of Pakistan (SBP) has warned citizens against fraudulent calls (Bank impersonation scams) and issued guidelines to avoid such fraud.

Beware of bank fraud (Bank Impersonation Scheme)

In a guideline issued to bank customers, the State Bank of Pakistan (SBP) has  said that fraudsters often make a call or message in the guise of a bank representative. They ask for sensitive details such as one-time password (OTP), PINs, passwords or mobile numbers under the pretext of verifying their accounts.
SBP alerts citizens that the real intent of such elements is to access the mobile banking and steal money.

Do not provide any Information

SBP urged citizens not to share any sensitive banking information, as banks never ask for such details through phone calls or text messages. “Be calm and do not trust and follow any immediate request,” The SBP advised.

What to do

The SBP in its message emphasized that account holder who received such suspicious calls must verify through bank’s official helpline or by visiting bank branch directly.

In case of Fraud

If a person falls victim to such a scam, the SBP instructed them to immediately inform their bank and report the number used for the fraudulent call.

Also Read: SBP clarifies social media reports on digital funds transfer

The State Bank of Pakistan (SBP) has clarified reports circulating on social media regarding a two-hour cooling period in digital funds transfer.

According to the central bank, all digital funds transfers are conducted on a real-time basis, with amounts almost instantly credited to the recipient’s account.

The two-hour cooling period applies only to branchless banking wallets/accounts, restricting the use or withdrawal of funds during this time.

The State Bank of Pakistan explained that while funds are transferred immediately to branchless banking accounts, their withdrawal, online purchases, or mobile top-ups are only possible after the two-hour cooling period.