In a move to safeguard citizens from financial fraud, the State Bank of Pakistan (SBP) has announced a new security step for large online transactions.
According to media reports, the SBP Governor announced a two-hour cooling period for large payments to combat the increasing incidents of online fraud.
According to the State Bank of Pakistan (SBP), all digital fund transfers are processed in real-time, ensuring that money is immediately credited to the recipient’s account.
However, while transfers to branchless banking wallets and accounts are completed instantly, customers cannot access the funds right away. Withdrawals, mobile top-ups, and online transactions from these wallets are only available after a two-hour delay.
This measure aims to protect customers from scammers exploiting instant payment systems.
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Fraudsters often pressure victims into sending large sums immediately, leaving no chance for reversal once money reaches criminal accounts.
Officials said the step was developed after consultations with commercial banks and cybersecurity specialists.
Financial institutions had repeatedly reported customers losing significant funds due to cleverly staged phishing calls and fake messages. The governor stressed customer awareness remains vital, urging account holders not to share sensitive data or approve suspicious requests.
