Banks Ordered to Compensate Rs1.2 Billion Amid Rising Fraud Concerns

KARACHI: The Banking Mohtasib Pakistan, Sirajuddin Aziz, has announced that banks are required to pay a total of Rs1.2 billion to clients affected by fraudulent activities, which have become increasingly prevalent. This decision follows the resolution of over 29,001 complaints received between January and September 2026.

In a statement released on Monday, Aziz highlighted the alarming rise in fraudulent activities, noting that his office received 33,625 new complaints during the same period, including 5,927 submitted through the Prime Minister’s Portal. He emphasized the importance of protecting financial credentials and urged banking customers to remain vigilant against potential scams.

The implications of these findings are significant for both banks and their clients, as the rise in fraud not only undermines public confidence in financial institutions but also poses a broader risk to the economy. Aziz’s call for increased awareness among consumers is crucial in mitigating these risks and ensuring the integrity of the banking sector.

Looking ahead, the Banking Mohtasib’s office plans to enhance its outreach efforts to educate the public on safeguarding their financial information. Aziz also encouraged banks to adopt more robust security measures to protect their clients from fraud.