Skip to main content

SBP Finally Ends Charges for SMS Alerts

By
State Bank of Pakistan has ordered all the banks and mobile financial service providers such as Jazz Cash, EasyPaisa to stop charging consumers for the text message alert on transactions.

The order will come into effect from the first of January, 2019.

Home Finance for Businessman;
Many banks charge as much as Rs.100 per month from their customers for SMS alerts regarding the transactions or withdrawal of cash using ATM cards.

Reason of Cyber Crime
The service has its importance as it can alert them on any unusual activity in their account, but it is seen that monthly charges often put off many account holders from subscribing for the service.

The new instruction was among many, issued from the SBP for all the commercial banks as part of security measures following a recent wave of cyber-attacks which exposed information security of many banks.
Home Finance for Salaried Persons;


Here are some of the SBP directions for the commercial banks; 
  • Remove charges on SMS alerts and provide this service free of cost to every customer.
  • All banks are directed to upgrade their system by March 31 so that customers can activate and block their cards for online and international transactions as and when they want.
  • All banks shall replace the existing debit and credit cards with chip-and-pin payment cards by June 30thnext year.
  • All banks have been advised to make an internal vulnerability assessment to identify the flaws in the payment system and submit recommendations to SBP by March 31st on how and when this could be fixed.
  • Third-party testing to be carried out and reports be submitted by December 2019.
  • All banks to activate online banking only after the biometric verification.
  • Real-time fraud monitoring tools to be developed by January 31st with a procedure to detect, report and response to the threats.
  • 24-hour monitoring of online payments.
  • Imposition of daily transaction limit with international partners and cross-border transactions to minimize the cyber attacks.
  • In  cas of any theft, banks should inform the central bank as well as customers within 48 hours and compensate them in as many days.
  • Banks should continue to educate customers regarding the banking fraud techniques, such as MS spoofing, impersonation by fraudsters — like those BISP and Jeeto Pakistan messages that ask for your personal information and tempt you into believing that you won some money.
  • If any bank or financial service provider fails to comply with the instructions or misses the deadline, it may face suspension of digital payment products and services.
Personal Finance for Salaried Persons;

Comments

Post a Comment

Popular posts from this blog

Story of Agha Hasan Abedi & BCCI

By
Agha Hasan Abedi: the man who dared to dream BIG! Agha Hasan Abedi was one of the finest minds this country has ever produced. He was an exemplary patriot and a legendary banker. In the mess that exists today, the youth of Pakistan desperately needs inspiring personalities to look up to. I cannot think of a better person to quote. He proved that politics is not the only form of service to the nation. He suffered through various scandals towards the end of his life, but no one can deny his contributions towards building a stronger Pakistan. It is a shame we let our youth forget a man like Agha Hasan Abedi.   Thousands graduate every year from FAST National University and Ghulam Ishaq Khan Institute. Only a handful of those proud degree holders know who laid the foundations of these prestigious institutes. It was one man’s vision that delivered tremendously to Pakistan’s development. *A true patriot: Agha started his banking career at Habib Bank in the late 19...
5 comments
Read more

What is Tax Rebate? Its Calculation, Reasons , Documentation & Methods

By
According to Nigerian Law what is Tax Rebate? Its Calculation,Reasons,Documentation & Methods Tax Rebate/Tax Refund A  tax refund  or  tax rebate  is a payment to the taxpayer when the taxpayer pays more tax than they owe. Calculation of Tax Rebate/Tax Refund Tax rebate/Tax refund =    Input tax – Output Tax Input Tax An input tax is a levy paid by a business on acquired goods and services. An example of an input tax is the value added tax . When a business then taxes its customers , this is considered an output tax. The business pays the federal revenue authority the difference between the output tax and input tax if the amount is positive, or it can apply for a tax refund if the amount is negative. Output Tax Output tax  is the VAT that is calculated and charged on the sale of goods and services from your business, if you are VAT-registered. This must be calculated on sales to ot...
2 comments
Read more