Karachi: Sirajuddin Aziz, the Banking Mohtasib of Pakistan (BMP), expressed deep concern over the rise in complaints related to digital fraud and incidents involving electronic banking platforms.
He revealed that BMP had successfully provided relief amounting to Rs1.65 billion to banking customers as of Monday, reflecting an increasing volume of complaints.
Aziz pointed to the rapid growth of mobile and digital applications as a key factor behind the surge in fraud cases.
He highlighted that the calendar year 2024 witnessed a significant rise in complaints, particularly those concerning fraudulent activities and cases of account blockages by banks under various pretenses.
He attributed part of this increase to the inefficiencies in banking services, noting that both the relevant stakeholders and the State Bank of Pakistan had been informed about these issues.
In 2024, BMP resolved 27,753 complaints against commercial banks, providing relief of Rs1.65 billion.
This was a notable increase from the Rs1.26 billion relief provided in 2023.
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Mr. Aziz also shared that, including leftover complaints from 2023, a total of 41,546 complaints were addressed in 2024.
Since its establishment in 2005, BMP has facilitated relief totaling Rs8 billion to banking customers.
The release of BMP’s Annual Report for 2024 revealed a 6% increase in complaints lodged against commercial banks compared to the previous year.
In his address, Aziz emphasized that newly established digital banks are now also under the jurisdiction of BMP, requiring additional measures to address the growing challenges of digital banking.
He called for the hiring of more staff with expertise in Fintech operations and related technologies to handle these emerging concerns effectively.
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Despite banks’ efforts to educate the public about digital fraud through media campaigns, Aziz remarked that these initiatives have not produced the desired results, urging banks to intensify their efforts to protect customers from fraud and forgeries.
