Tuesday , May 26 2020

All banks to stop charging for Alert SMS service.

Image result for sms alert service

All commercial banks and mobile financial providers to stop charging for text messages services for financial transactions From January 1, 2019.

It is noted that currently many banks are charging money ranging from 70 to 120 Rupees per month for sending you message after any withdrawal and transaction from your bank account.

This service is usually useful because the customer knows what is being debited and credited from your account. It increases the security since the customer can know immediately seeing any abnormal transaction.

This service is paid and many people ignore this service just because they do not have to pay every month.

Govt of Pakistan has changed the policy and issued commercial banks to stop charging customers for this fee because of their poor security that exposed information of many people in a recent cyber-attack.

All banks should send free of cost text message and email to the customer of all the local and international transactions.

Information security experts have recently told that these banks do very little to protect the data and the customer information is made available to cyber criminals without any effort, due to no or very poor security.

Many other instructions have also been underlined by State bank of Pakistan that all banks should implement.

 

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