SBP issues new security measures amid rise in ATM fraud

The State Bank of Pakistan (SBP) has issued new security directives to all commercial banks in response to the growing number of ATM fraud incidents across the country.

The new measures are aimed at enhancing the security of customers’ bank accounts and ATM transactions.

According to the guidelines issued by the SBP, all banks have been instructed to ensure that CCTV cameras installed at ATM booths remain operational 24 hours a day.

In addition, banks have been directed to issue immediate alerts in the event of any suspicious activity related to customers’ accounts or ATM transactions.

The central bank has also instructed commercial banks to issue Chip & PIN cards in accordance with international standards in order to minimise the risks of unauthorised transactions and financial fraud.

Furthermore, the SBP has urged financial institutions to regularly update their ATM systems and banking software, ensure secure and encrypted networking, and install advanced security equipment in ATM machines to enable the timely detection and prevention of fraudulent activities.

The SBP has also advised customers that if they become victims of ATM fraud or notice any suspicious transaction, they should immediately contact their respective bank’s helpline.

If the complaint is not resolved promptly, customers may also register their complaints through the SBP’s online complaint portal.