State Bank of Pakistan warns customers of rising digital banking fraud

The State Bank of Pakistan (SBP) has issued a warning to banking customers to increase vigilance against evolving digital scams and social engineering tactics. Speaking at the 24th Future Banking Summit & Expo 2026 in Karachi, Said Ahmed Sumair, Joint Director of the Payment Systems Policy and Oversight Department, emphasized that customers serve as the ‘first line of defence’ against financial fraud.

Sumair noted that while the SBP has implemented regulatory frameworks for cybersecurity and banks have established various controls, scammers are increasingly bypassing technical systems by manipulating human trust. Fraudsters often use deceptive calls or SMS messages that mimic legitimate banking alerts to create a sense of urgency, such as claiming funds were mistakenly transferred or debited.

To prevent losses, the SBP advises customers never to share account PINs, passwords, or debit and credit card details with anyone. Customers are urged to independently verify any suspicious transaction through official banking channels and check if SMS alerts originate from a bank’s designated short code rather than a private mobile number.