The Governor of the State Bank has announced a major change in the way digital fund transfers will work across Pakistan. A two-hour delay has been introduced before the completion of any transaction. This measure has been taken to strengthen customer security and ensure people have a chance to stop fraudulent transfers before their money is lost permanently.
Customers Will Receive Transaction Notifications
Under the new framework, all banks are now required to immediately notify customers whenever a transfer is initiated from their accounts. The notification will inform them about the transaction and clarify that the money will only be moved after two hours. This delay gives account holders an opportunity to review the details, confirm legitimacy, and alert their bank if fraud or unauthorized activity is suspected.
Fraud Reporting Window Strengthened
The key objective behind this policy is to give customers a defined two-hour reporting window. During this period, they can reach out to their bank and request that the suspicious transaction be stopped. Many victims of online fraud previously had no time to react once their funds were withdrawn. This new measure empowers customers with control, ensuring swift action against criminal attempts.
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Banks Held Responsible for Immediate Transfers
The central bank has also placed strict responsibility on financial institutions. If any bank chooses to process a digital transfer instantly and a fraudulent case arises, the bank itself will be liable for reimbursing the customer. This accountability clause ensures that banks follow the policy strictly, discourage risky shortcuts, and prioritize customer safety over speed when dealing with digital transactions.
Rising Trend of Digital Fraud in Pakistan
This move comes in response to a worrying rise in fraudulent transactions. According to recent reports, many scams involve smaller amounts withdrawn gradually from accounts, which often go unnoticed by investigative authorities. Fraudsters exploit these gaps to siphon off large sums collectively. The new policy aims to shut down such tactics by giving customers time to react before even small amounts are deducted.
A Step Towards Customer Protection
The two-hour transfer delay represents a balance between convenience and security in the digital banking system. While some may find the waiting period inconvenient, the benefits of protecting hard-earned money far outweigh the slight delay. By implementing this safeguard, the State Bank ensures customers have peace of mind and a fair chance to fight back against rising financial frauds in the digital era.
