Karachi: Banking Ombudsman Pakistan Sirajuddin Aziz highlighted concerning trends in internet banking fraud and shadow banking system within country. Addressing press conference, he said that total of 4,037 complaints were registered in 2023, marking a substantial rise from 2,574 cases reported in previous year.

According to reports reaching here, Moreover, Aziz shed light on shadow banking system, noting that 3,626 complaints were received in 2023, raising concerns about fraudulent activities involving bank staff.

To combat this growing issue, Banking Ombudsman has proposed framework aimed at protecting public from internet banking fraud and shadow banking system.

Proposed plan involves collaboration between NADRA, PTA and State Bank to collect and consolidate customer data, enabling swift action against fraudulent activities.

Under this framework, bank accounts linked to fraudulent activities will be frozen, and individuals involved will be barred from opening new accounts. While proposal is still in its initial stages, discussions are underway among relevant institutions. He shared statistics from 2023, revealing that over Rs 1.026 billion was returned to bank customers by banking ombudsman, addressing 36,437 complaints received during year.

Published in The Daily National Courier, April, 30 2024

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