Banks & Financial Service Providers To End Charges For SMS Alerts From January

State Bank Of Pakistan is making many changes to the existing policies. We have a good news for you that SBP has recently ordered all the banks and financial service providers to end charges for SMS Alerts. So, from January 2019 onwards, you will not have to pay for the SMS Alerts anymore.

Charges For SMS Alerts To End In January 2019

Recently, a new set of directives was released by State Bank Of Pakistan. Their purpose is basically to combat cybercrimes in Pakistani Banks. We all know that banks charge almost 100 Rs per month for keeping you aware of your transactions. Whenever you withdraw money from ATM or make an online payment, you are being sent SMS Alert. However, this service is very useful but most of the people don’t want to pay charges for it. So, now SBP has resolved their problem. The banks and service providers will not charge on SMS alerts from January 2019.

State Bank Of Pakistan Stated that:

“The change of policy is the result of instructions the central bank has issued to commercial banks whose poor state of information security was exposed by a recent wave of cyber-attacks. Banks and financial service providers shall send free transaction alerts to their customers through both SMS and email for all international and domestic digital transactions.”

Important Issued Directives
  • Banks should upgrade their systems by March 31. After that, customers can activate and block their cards for online and international transactions whenever they want.
  • Banks will have to replace the existing debit and credit cards with chip-and-pin payment cards by June 30th next year.
  • All the Banks can activate online banking only after the biometric verification.
  • Banks are directed to make an internal vulnerability assessment to identify the flaws in the payment system. Furthermore, they have to submit recommendations to SBP by March 31st on how and when this could be fixed.
  • Real-time fraud monitoring tools should be developed by January 31st.  They should be able to detect, report and response to the threats with 24-hour monitoring of online payments. However, in case of any theft, banks should inform the central bank as well as customers within 48 hours and compensate them in as many days.
  • The daily transaction limit with international partners and cross-border transactions should be minimized.

Laiba Mohsin

Laiba is an Electrical Engineer seeking a placement to gain hands-on experience in relevant areas of Telecommunication. She likes to write about tech and gadgets. She's is known for her love for cats, music, traveling and exploring things.
Back to top button