Ever received a call from a seemingly official UAN number? Or maybe just a random cellphone caller requesting you to share an OTP with them? Don’t worry, you’re not alone! A wave of scams has recently gripped customers across Pakistan in light of the rising usage of digital financial applications.
When the current administration launched the ‘Digital Pakistan Initiative’ in 2019, the way was paved for a lot of changes. Technology has always been a source for adding convenience, security, and simplicity to the lives of not just individuals but organizations and economies as well. As Pakistan embarked on this ambitious project, everyone was happy.
However, as it is with all good things, drawbacks are part of the parcel. Thanks to immense efforts from the government and financial institutions across the country, acceptance of digital payment solutions saw a rapid rise. As more and more people began to transact through online mediums, some elements saw the potential to make easy bucks.
Social media has been awash with customer testimonials of various ways in which con artists have approached them to steal money from their mobile accounts. From pretending to be representatives of a bank to acting as helpless people having sent the money to you by mistake, we hear of new scams every day.
“I was a victim of a digital banking fraud fairly recently where I received an OTP when I hadn’t performed or even tried to perform a transaction,” Alamgir Khan, a resident of district Charsadda shared his experience. “Originally I ignored the message but then I received a call. The person on the other hand sounded very nervous. He said he had accidentally sent some money to my account.”
“He was a poor person and would be grateful if I would send the money back. He then handed the phone to another guy who claimed to be the retail agent. I fell for the whole scheme and shared the OTP-containing message with them. Immediately, a significantly large quantity of money was withdrawn from my account,” Alamgir added.
This is one of the most common ways in which people with malicious intent are defrauding customers across the nation. They act as officials of governing bodies, renowned organizations, banks, or sometimes even acquaintances. One story shared on Facebook highlighted how someone created a fake profile of the customer’s friend and eventually scammed them of PKR 100,000 claiming an urgent need.
The State Bank of Pakistan, along with banks and related financial institutions, has always warned customers never to share their personal details, OTP, or any other sensitive banking information with anyone at any cost. Recently, these awareness efforts have been stepped up in light of the increasing ratio of crimes against customers.
Internal cybersecurity infrastructures at these organizations are robust and continually upgraded but as an old proverb goes: “a chain is only as strong as its weakest link.”
Customers have to be vigilant and careful. “It is a known fact that your bank already has your personal information and will never call you for verification or any other purpose and ask for something like an OTP. The purpose of this passcode is to authorize transactions from your account and the bank has no need for it,” informed Syed Qumber Hussain from Karachi who thwarted an attempt on his account.
“I received a call from a number that seemed like my Bank’s UAN. I answered the call quite suspiciously and it was no surprise that the person on the other end introduced himself as a representative from the financial institution where I had a mobile account.”
“I had been reading about these scams and was also following awareness messages on my mobile wallet’s app so I immediately knew what was up. As he came to the point of requesting my personal details, I pointed out that I could see through what he was doing. He immediately hung up the call,” Qumber informed.
Furthermore, he added, “As soon as he hung up, I called my Bank and they asserted that I did the right thing. They ensured me that action would be taken against the caller and also advised me to register a complaint with other relevant authorities so that the culprit can be apprehended. I always recommend those around me to be careful of these activities at all times.”
Digitization has both benefits and disadvantages but in any environment, the advantages far outweigh the liabilities. Customers need to be aware of the things that are going on to make sure that a digital yet secure financial landscape can be implemented nationwide.