Pakistani Account Holders Facing Financial Losses Amit Rising Bank Scam.

Debit Card and Credit Scams.

Debit card and credit card scams are known all over the world, and banks have overcome this issue. In recent times, there was the issue when you woke up and saw a message that an amount was deducted from your account via debit card or credit; it is called an unauthorized transaction. There were many issues reported in the past in foreign countries; however, due to advanced technology and strictness, using debit or credit cards for scams is reduced.

However, in Pakistan, this issue is not dealt with like it should have been. The Pakistan banking sector is one of the worst, which follows 1990s methods for cash deposits or check deposits, and banking fraud is well known in Pakistan.

Sada Pay Prolong Issues

A YouTube speaker said that Sada Pay is turning out to be a fraud, and looking at user accounts, any reasons, and it is unjustified. He said that this is a clear violation, and the funds are locked when they block the account, and it is not returning the funds. There are also issues with Sada Pay that when the customer sends money via its app to another person, at times funds are not received, and the issue gets’ pending, and customers get frustrated by their customer support. Moreover, SadaPay also has issues with their debit card scams.

Debit Cards and Credit Scams in Pakistan

It is reported that yearly, on a yearly basis, the debit and credit card frauds are increasing, and it is a concern for banking users as this issue is unsolved by the banking companies in Pakistan. In this regard, local PayPak is the best, where you can only use it via POS or withdraw cash locally because it is only a locally based method, and it does not have any option for international use or e-commerce. Pakistan has issues with their banking, and many are resolved; however, digitally Pakistan is behind some African countries, let alone cross-border countries.

If you go to social media and user forums in Pakistan, it is like the only hot topic with users is debit card and credit unauthorized scams, and they have to deal with a very lengthy process. Usually, the bank says that they would resolve the issue within 7 working days; however, most of the time it gets delayed to 45 working days, and at times it is resolved after 45 working days. The State Bank of Pakistan must act on this issue and provide a better framework to resolve these debit and credit scams.

Users are also to be blamed for debit card and credit card fraud. 

 

People are also to blame for these scams, as people know that the majority of the local websites that ask for payment online on their website and ask to put the details of credit cards and debit cards are mostly not safe and do not qualify with international standards for their website safety protocols, and chances are high that your credit card or debit card may get leaked and get into the wrong hands, and the same follows for local apps on mobile phones. It is more likely that your data would be sold on the dark web.

Banks Compensating Their Customers.

Recently, the president of Pakistan directed 6 banks to compensate their customers, who were fraud victims. Banks in Pakistan do compensate the users who are genuine victims of the scams and frauds. Moreover, Meezan Bank also has compensated its customers who were the victims of data leaks and third-party fraud via debit cards and credit cards.