The State Bank of Pakistan is engaged in making various changes to the already existing policies. SBP has taken the decision recently and have instructed all the banks and financial service providers to abolish SMS alert charges from January, which means from January 2019 we would not have to pay for the SMS Alerts.
SBP has recently issued a new set of instructions. The objective is to fight the cybercrimes occurring in the Pakistani Banks. We all are well aware that the banks charge nearly hundred rupees per month for keeping one all aware of the made transactions.
Whenever money is taken out from ATM or an online payment is made, one received an SMS alert. Though, this service is super useful, but many people do not like to pay the charges for availing the service. Now, the State Bank of Pakistan has solved this issue. The banks and service providers would not be charging on SMS alerts from January 2019.
The SBP stated that that the change of policy is because of the directions the central bank gave to the commercial banks whose information security condition is poor and was exposed by a latest wave of cyber-attacks. Banks and the financial service providers should be permitting free transaction alerts to their customers via both SMS and email for all the international and national digitally performed transactions.
The list of important instructions issued by the SBP are:
- Banks should be upgrading their systems by the 31st of March. After that the customer could activate and block their respective cards for online and international transactions whenever they want
- Banks would have to replace the current debit and credit cards with chip-and-pin payment cards by the 30th of June next year.
- Online banking could only be activated once the biometric verification is done
- Banks are instructed to form an internal vulnerability test for recognizing the flaws in the payment system. Additionally, they need to submit suggestions to SBP by the 31st of March on how and when this could be solved
- By the 31st of January real-time fraud monitoring tools should be developed. The tools would be able to identify, report and respond to the threats with 24-hour monitoring of the online payments. But, in case of any stealing activity, banks should notify the SBP along with the customers within 48 hours and adjust them in as many days
- The daily transaction limit with the foreign partners and the cross-border transactions should be minimized