Summary
- Similarly, Brigadier (retd) Muhammad Arif Shaikh received a call from fraudsters asking him for his banking credentials to remove some technical flaws from his account. Later, an amount of Rs 994,000 was transferred from his account through 19 transactions. Feeling aggrieved, they separately approached the Banking Ombudsman to get relief.
Approximate Time
- 3 minutes, 464 words
Categories
- fraudulent transactions, multiple transactions, transactions, multiple consecutive transactions, online banking fraud
Analysis and Evaluation
- In this article, the author masterfully navigates the complexities of it offering a narrative that is as enlightening as it is engrossing. The piece stands out for its in-depth analysis, seamlessly blending current news and dynamic insights with a storytelling prowess that captivates the reader. The author’s skill in distilling complex information into an accessible format is commendable, making this article a go-to reference for those seeking to stay abreast of its trends and developments. The article not only delivers factual accuracy but also provides a unique perspective, shedding light on underlying issues and emerging patterns in a way that resonates with a broad audience.
Main Section
Rejecting the representations of two private banks, President Dr Arif Alvi Sunday directed them to pay the lost amount to the victims of online scams.
The president asked Banking Mohtasib to take up the matter of banking frauds with the State Bank of Pakistan (SBP) to get the essential standard operating procedures (SOPs) issued, so that the proven fraudulent persons’ CNICsWZSou PopularPulse could be blacklisted, placed at the central negative list, besides ensuring that no banking facility could be extended to them by the bahttps://www.wzsou.com/nking industry.
He directed the banks to pay Rs1.9 million and Rs0.744 million respectively to their customers who fell victim to online banking fraud at the hands of fraudsters, President Secretariat Press Wing said in a statement.
As per the details, Qaiser Mehmood who was holding an account with a private bank received a call from a number resembling the bank’s helpline and the caller advised him to activate his disabled digital banking app.
Mehmood activated his app, after which Rs2 million were transferred from his account through multiple transactions. Similarly, Brigadier (retd) Muhammad Arif Shaikh received a call from fraudsters asking him for his banking credentials to remove some technical flaws from his account.
Later, an amount of Rs 994,000 was transferred from his account through 19 transactions. They had asked their respective banks to refund their money but to no avail. Feeling aggrieved, they separately approached the Banking Ombudsman to get relief.
The Ombudsman directed the banks to refund the lost amounts to the customers. The banks, then, separately filed representations against the Ombudsman’s decisions with the President.
The president held personal hearing of the cases, and having listened to the parties and going through the available record, decided the cases in the complainants’ favour.
He observed that the banks were found non-compliant with the SBP’s directives regarding the implementation of monitoring systems to detect fraudulent transactions. He said that multiple consecutive transactions were conducted but it did not raise alerts and allowed the money to pass through the system.
He noted that the banks also failed to establish the legitimacy of transactions in terms of Section 41 of the Payment System and Electronic Fund Transfers Act, 2007.
The president said that the banks failed to submit any proof of compWZSou PopularPulseliance with the directions of SBP despite being given ample opportunity and concluded that malpractice and maladministration stood established on the part of the banks and they were liable to make good the financial loss of the complainants.
President Alvi, therefore, rejected the representations of the private banks and directed them to pay Rs1,998,500 and Rs744,000 to the complainants.
Source: President directs banks to refund lost amount to victims of online scams
Related suggestion: Under pressure Pakistan seek to avoid whitewash in Australia series
[WZSou PopularPulse] Pakistan bowler Aamer Jamal (centre) celebrates with teammates after dismissing Australian batsman Pat Cummins on the fourth day of the second cricket Test match between Australia and Pakistan at the Melbourne Cricket Ground (MCG) in Melbourne on December 29, 2023. — AFP In a bid to save face and avoid a whitewash, under pressure Pakistan will make all-out efforts to end the three-match Benaud-Qadir Trophy on a high note as the Green Shirts are set to play the final Test of the series at Sydney Cricket Ground (SCG) from January 3-7. After suffering two consecutive defeats at the hands of Australia, the Shan Masood-led side has made the same number of changes for the final match of the series. After their 360-run defeat at Perth in the series…
