President takes notice of increasing online bank frauds, scams incidents.

ISLAMABAD -- President Dr Arif Alvi has taken serious notice of the rising trend of online banking frauds where fraudsters obtained contact details of banks' clients by impersonating as bank officials to get account and banking information and then using these details to swindle money out of clients' accounts.

The president directed the Banking Mohtasib of Pakistan to take serious notice of this worrisome trend and take substantive, meaningful, and effective steps by placing appropriate checks and balances, and foolproof security systems by using technology capable of differentiating between the genuine and fraudulent transaction attempts to curb this menace on an urgent basis, President Secretariat Press Wing said in a press release on Saturday.

The president expressed his concern over the news reports about an online bank fraud wherein renowned novelist and playwright, Mirza Athar Baig, was deprived of Rs 1.1 million from his bank account by an online fraudster.

The president's secretariat, under the direction of the president, has asked Mirza Athar Baig to lodge a complaint and formally raise the matter with the BMP to get relief if the bank was unable to resolve his issue and compensate him within the stipulated...