Banking Mohtasib warns customers of new techniques used by fraudsters to steal money

Banking Mohtasib warns customers of new techniques used by fraudsters to steal money

Banking Mohtasib of Pakistan, Muhammad Kamran Shehzad, Friday warned banking customers to be wary of new techniques being used by fraudsters to steal their hard-earned savings.

He urged customers not to disclose their personal and financial credentials to any third parties, and not to share their OTP, password, credit/debit cards, or CNIC numbers on any telephone calls received from any source.

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Shehzad stated that helpline calls appearing on phones are fake and that the bank’s helpline can only receive calls but cannot make calls.

In case of any suspicious calls, customers should immediately approach the nearest branch of their bank or contact the bank’s helpline.

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The Banking Mohtasib of Pakistan is a regulatory body that works to resolve disputes between banks and their customers. The word Mohtasib means “ombudsman” or “ombuds,” and the institution serves as an independent and impartial mediator between the banks and their customers.

The Banking Mohtasib’s primary role is to protect the interests of banking customers and ensure that their rights are safeguarded. The organization receives complaints from customers who feel that they have been treated unfairly by their banks or have suffered financial losses due to the banks’ actions.

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In addition to resolving disputes, the Banking Mohtasib also works to improve the overall banking environment in Pakistan. The organization promotes best practices in the industry and works to ensure that banks adhere to high ethical and professional standards.

The Banking Mohtasib’s efforts to protect banking customers from fraudulent activities have been successful, as the organization has provided relief amounting to Rs209.15 million to customers by resolving 5,589 complaints against commercial banks during the first quarter of 2023.

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Overall, the Banking Mohtasib of Pakistan plays a crucial role in protecting the rights of banking customers and ensuring that banks operate in an ethical and professional manner. By promoting best practices and resolving disputes between banks and their customers, the organization contributes to the development of a healthy and stable banking sector in Pakistan.

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