The numbers speak for themselves. In just a year, the Banking Mohtasib Pakistan has had to intervene in 27,753 cases of fraud and bank-related grievances — providing a staggering Rs1.65 billion in relief to affected customers in 2024. That figure not only eclipses the Rs1.26 billion dispensed in 2023 but also shines a spotlight on the alarming rise in digital fraud across the country.
While the surge in mobile and digital banking applications has brought convenience to millions, it has also opened new doors for cybercriminals. Increasingly, banks are also found blocking accounts arbitrarily, citing vague pretexts, further adding to the public's distress. Compounding the problem is the evident inefficiency within the banking services sector, which continues to falter in safeguarding customers from sophisticated digital threats.
When customers are left at the mercy of scams and phishing attacks without immediate recourse, trust in the digital financial system erodes. And with Pakistan pushing for greater financial inclusion through digital means, this trust deficit can prove detrimental to progress. The role of the State Bank and commercial banks must now shift towards strengthening cybersecurity frameworks, launching public awareness campaigns, streamlining redressal mechanisms and holding banks accountable for service lapses.
Digital transformation must not come at the cost of consumer safety. It would be prudent of the government to set up a committee to deal with such cases with efficiency and immediacy.
If anything, these numbers should serve as a wake-up call for all stakeholders to prioritise data integrity and customer protection in the age of digital banking. The question is no longer if more people will move to digital but the question now is if the system will be ready when they do.
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