Pakistan Banks Step Up Anti-Fraud Measures Amid Rise in Financial Scams
The banking sector in Pakistan is facing a surge in financial scams, with cybercriminals using advanced social engineering tactics and fake websites to dupe customers out of their hard-earned money.
The Threat
According to a recent advisory by the State Bank of Pakistan (SBP), scammers are impersonating government officials and making fraudulent calls to unsuspecting victims. They claim to be representatives from organizations such as the Federal Investigation Agency (FIA) or the Defence Force, using fake landline numbers and logos on WhatsApp.
The scammers use phishing, smishing, and vishing techniques to trick victims into revealing sensitive information, including:
- Internet banking usernames
- CNIC numbers
- Debit card numbers
- PINs
Once they have this information, the criminals can compromise bank accounts and transfer money or perform online shopping.
Combating the Threat
To combat this rising threat, the SBP has advised banks to take immediate action to prevent such scams. The advisory recommends that customers be cautious when receiving calls from unknown mobile phone numbers or WhatsApp messages claiming to be from their bank.
Red Flags to Watch Out For
- Receiving calls from unknown mobile phone numbers
- Receiving WhatsApp messages claiming to be from your bank
- Being asked to share sensitive information over the phone, such as passwords, CNIC numbers, and debit/credit card PINs
Staying Safe Online
To stay safe online, the advisory recommends that customers:
- Use multi-factor authentication (MFA) on internet banking apps, WhatsApp, social media, and Gmail accounts
- Install updated antivirus software
- Keep strong passwords and regularly change them to prevent hacking
Additional Tips
- Verify any suspicious call by calling the bank’s helpline yourself
- Pay attention to suspicious numbers that do not look like real mobile phone numbers
- Be aware of false SMS messages regarding lottery schemes or prize offers
Government Efforts
The Pakistan government has launched a nationwide campaign to raise awareness about these financial scams and to educate citizens on how to protect themselves from these threats. The country’s banks have also stepped up their efforts to combat fraud, including implementing additional security measures to prevent unauthorized transactions.
What You Can Do
- Be vigilant and report any suspicious activity to the relevant authorities immediately
- Stay informed and take proactive steps to secure your online activities
By following these tips and being aware of the threats, citizens can help reduce the risk of falling prey to financial scams.