What is more concerning, though, is how the State Bank of Pakistan’s efforts to digitize the whole payment system are being harmed by the rising number of online frauds.
A news release from the BMP states that 18,836 complaints were resolved between January and September.
21,904 new complaints were received by BMP during this time, 5,277 of which were sent via the Prime Minister’s Portal. The numbers indicate a rise in complaints compared to the same period in 2023, when the BMP processed 18,431 instances and gave relief of Rs972.33m. The increase in complaints reflects consumers’ increased concerns about banking, particularly in light of the rise in online and digital banking fraud.
