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SARGODHA, Sep 24 (APP):Sargodha Chamber of Commerce and Industry (SCCI) Banking Committee Chairman Shawez Ahmed on Wednesday hailed the State Bank of Pakistan’s decision to introduce a two-hour delay in digital fund transfers as a significant step toward preventing financial fraud.
In a statement issued here, Ahmed said the initiative will help protect customers from fraudulent transactions by giving them sufficient time to report suspicious activity to their banks.
He informed that the State Bank Governor revealed before the Finance Committee that all banks will now be required to inform customers through SMS alerts that a transfer has been initiated but will only be completed after two hours. This window will allow victims of fraud to block the transaction before it is processed.
“If a bank bypasses the waiting period and immediately executes the transfer in a case where fraud is later proven, the responsibility of compensating the customer will lie with the bank,” Ahmed explained.
He further noted that the measure was necessary as many fraud cases involve small amounts, often ignored by investigative authorities.
The two-hour time frame, he added, provides customers with a much-needed safeguard against such scams.