SBP directs banks to report digital fraud cases State Bank of Pakistan

SBP directs banks to report digital fraud cases

KARACHI: The State Bank of Pakistan (SBP) has directed banks to submit reports of all digital frauds and scams related to their account holders.

The SBP issued a circular dated May 26, 2022 said it had been decided that all banks and microfinance banks (MFBs) would additionally submit data of all digital frauds and scams on monthly basis.

“This will include all frauds and scams reported at call centers or through other means such as email, letters, etc. or otherwise detected by the banks/ MFBs themselves,” the central bank said.

The banks/ MFBs shall report data as per the prescribed format to the Banking Supervision Department (BSD)-2 of SBP on monthly basis.

The data shall be reported in soft copy in Microsoft Excel format (Annexure – A) within 10 days from the close of every month at email ID [email protected].

The SBP directed the banks to submit reports of frauds and scams related to digital products. The report shall also include the cases of frauds related to: number of accounts/cases; mobile app/wallet (Android); mobile app/Wallet (IOS); E-Commerce Transactions/Merchant Payment Authorization (via USSD/Mobile App/Internet Banking; internet banking; USSD; Branchless Banking Agent Retail Application; ATMs; Point of Sale; and other digital channels.

The banks are required to provide details of digital fraud including number of affected accounts and amount disputed. Further, related to digital scams, the banks are required to provide number of affected accounts and amount disputed.

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