President of Pakistan, Dr. Arif Alvi, has called on the Banking Mohtasib [Ombudsman] to enhance efforts in protecting banking consumers from scams and financial losses through effective preventive measures.
The President emphasized the utilization of the latest information technology tools for improved service delivery and swift resolution of complaints.
During a meeting with the Banking Mohtasib of Pakistan, Muhammad Kamran Shehzad, at Aiwan-e-Sadr on Monday, President Arif Alvi expressed his concern over the rising trend of fraudulent activities and cyber-crimes in the banking sector. He underscored the importance of upgrading information technology systems to prevent people from falling victim to such scams.
President Arif Alvi urged the Banking Mohtasib to play a proactive role in creating awareness among the public about scams and fraudsters operating in the banking sector. He proposed the organization of seminars and the implementation of an effective media campaign to educate people and protect them from financial fraud.
The Banking Mohtasib apprised the President that fraudsters often target illiterate and old-age individuals in Pakistan. He shared that over 25,000 complaints were received in 2020, with 84 percent of the cases successfully disposed of. Furthermore, 65 percent of the complaints originated from Punjab. The Banking Mohtasib also presented the Annual Performance Report-2020 to President Arif Alvi during the meeting.
In response, President Arif Alvi commended the efforts of the Banking Mohtasib in addressing complaints and safeguarding the rights of banking consumers. He emphasized the need for a comprehensive strategy that combines preventive measures, efficient complaint resolution, and public awareness to combat the growing menace of financial scams.
The President’s call for leveraging technology aligns with the global shift towards digitalization in the banking sector, emphasizing the role of innovative solutions in enhancing security and protecting consumers. As Pakistan navigates the challenges posed by cyber threats, the collaboration between regulatory bodies, financial institutions, and consumers becomes crucial in fortifying the resilience of the banking industry.
President Arif Alvi’s proactive stance signals a commitment to ensuring the safety and security of financial transactions for citizens. The implementation of robust preventive measures and awareness campaigns will play a pivotal role in mitigating the risks associated with financial fraud, thereby fostering greater trust and confidence in the banking sector.
