Islamabad, Nov 26: A recent survey by PwC Pakistan reveals that 90% of bankers believe cybercrime is the biggest challenge currently facing the banking sector. Fraud follows as the second most significant risk, with 70% of respondents citing it, while 60% consider terrorism financing as a lesser concern.
The survey, which gathered input from over 75 Chief Compliance Officers (CCOs) and business heads, highlighted the high-risk perception of various financial crimes.
Cybercrime, fraud, and terrorism financing are viewed as having a “very high” risk by the majority of respondents, followed by tax evasion (56%) and money laundering (55%).
Despite the growing integration of digital technologies in the sector, over 60% of respondents identify data management, human resources, and other costs as ongoing compliance challenges.
To address these issues, 95% of bankers recommend increased investment in data governance and cleansing, while 90% emphasize the need for technology optimization.
Additionally, 75% advocate for specialized training programs in the coming year.
As digital transformation continues to shape the financial industry, the banking sector is urged to enhance its technological infrastructure, regulatory adherence, and cultural flexibility to effectively combat rising risks.
