SBP expands scope of data collection to reduce digital banking fraud



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The State Bank of Pakistan (SBP) on Friday coordinated all reserved banks as well as miniature money banks to submit information about every computerized misrepresentation and tricks on a monthly basis while the domain of details is also extended from fake calls by fraudsters to other advanced channels including multi-purpose app, e-commerce transactions, ATMs and point of sale.

As indicated by a devious letter given here by SBP’s Department of Banking Conduct and Consumer Protection, information must be submitted incorporating all forgeries and tricks detailed during calls or through different means like emails, letters or generally recognized by banks and MFBs themselves.

In February 2021, the national bank started collecting data to reduce computerized financial fraud and coordinated banks and MFBs to submit important information, but the information was mainly limited to fake call data.

Presently, the SBP extended the scope of information assortment to other advanced channels or mediums used by fraudsters to segregate sum of accounts which included mobile app or wallet, tokenization, currency exchanges e-commerce, merchant payment authorization (through USSD/mobile app/Internet Banking), Internet Banking, USSD, BB Agent Retail Application, ATM, POS and other computerized channels.

The banks/MFBs will report the information according to the approved organization to the Banking Supervision Department (BSD)-2 of the SBP on a monthly basis within about 10 days from the end of each month, the cycle added.

SBP, in team with different partners, had initiated different measures to reduce computerized financial fraud by remembering an assortment of data to be requested to effectively plan and transmit additional measures.


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