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 verification process for large payments to combat the increasing incidents of online fraud affecting unsuspecting bank customers in Pakistan.
Speaking at a finance committee meeting in Islamabad, the governor explained that the banks across the country will now hold high-value transfers for two hours, giving them sufficient time to verify authenticity before releasing funds safely.
This measure aims to protect customers from scammers exploiting instant payment systems.
READ: Pakistan issues list of verified Umrah Companies
Fraudsters often pressure victims into sending large sums immediately, leaving no chance for reversal once money reaches criminal accounts.
Under the policy, any transaction exceeding a certain limit – which is not yet disclosed – will be temporarily frozen while the bank completes mandatory checks.
Only after verification succeeds will amounts be deposited into recipients’ 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.
