ADVERTISEMENT
Monday, July 28, 2025
No Result
View All Result
The AZB More Than Just News
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
No Result
View All Result
Daily The Azb
No Result
View All Result
Home BANKING

Technological solutions and customer awareness can reduce financial crimes.

News Desk
November 27, 2023
Technological solutions and customer awareness can reduce financial crimes.
Share on FacebookShare on Twitter
Advertisements

KARACHI – Technological solutions and customer awareness are two crucial aspects
of combating the rising incidents of financial crimes across the
country, said Federal Banking Ombudsman Sirajuddin Aziz.

Speaking as a guest of honour at the conference” Financial Crimes in
the Digital Age” organized by Eastnets and managed by Dellsons
Associates recently, he said the banks should continue to upgrade
their systems towards strengthening the data security of their
customers, besides bringing reforms to plug the loopholes in the
practices and mechanisms that made the data of customers accessible to
white collar criminals.

Advertisements

He mentioned that victims of financial crimes in Pakistan are highly
qualified, ironically, as against fraudsters who are less educated but
tactical in deceiving the public into getting their credentials to
steal money from bank accounts; therefore, the need for awareness
among bankers and customers of banks is high and ongoing.

Asaan Bank Accounts are frequently reported to be used for fraudulent
activities as organized criminals are exploiting this facility for
their ease, unfortunately, due to the negligence of banks in
compliance with KYC of customers, Federal Banking Ombudsman said.

Nadeem Hussain, Chairman Pakistan Fintech Network, said the banks
should have a prime responsibility to build a culture of awareness on
data privacy within the system and then among customers on a priority
basis with investment in technology and education.

He pointed out that the personal details of customers, including OTPs,
are easily compromised in this digital age being available on the dark
web, which could be protected as banks must adopt new software and
applications and customers should build habits to change their
passwords again and again.

Hazem Mulhim, Founder and CEO Eastnets said the fourth industrial
revolution is emerging in the world, with Artificial Intelligence is
transforming every industry including the financial sector.

The financial institutions need Rs. 400 billion worldwide to revamp
its system through the acquisition of cybersecurity technology and
capacity building of the workforce. Organized financial crimes are
increasing worldwide constituting 2% of the global GDP.

The banking regulator imposed huge penalties on financial institutions
for failure to comply with regulations to prevent the loss of money at
the hands of criminals, but regulatory measures are not enough to stop
the menace.

Pakistan is an emerging and important market for the financial sector,
which keeps its system updated with advanced technological solutions
to maintain its position on the whitelist of the Financial Action Task
Force (FATF), Eastnets CEO said.

The conference also hosted various panel discussions on the topic of
challenges in digital banking, banking compliance, and anti-money
laundering. Moderators of the sessions were Salim Thobani, EVP/ Head
Foreign Exchange Monitoring Unit-Meezan Bank Limited and Syed Faraz
Anwer, Partner Business & Risk Consulting- A.F.Ferguson & Co. The
event was also addressed by Lubna Farooq Malik, Director
General-Financial Monitoring Unit (FMU), Atala Nijmeh, Principal
Product Manager- Eastnets, Hassan Zebdeh Financial Crime Advisor & Sr.
Product Development Manager- Eastnets.

Advertisements
News Desk

News Desk

Welcome to our web desk! We're a dedicated team of digital enthusiasts passionate about delivering timely and engaging content to our online audience.

Related Posts

Inspector General of Punjab Police Dr. Usman Anwar pins ranks on District Police Officer Mandi Bahauddin, Ahmad Mohiuddin, upon his promotion.
Headline

Inspector General of Punjab Police Dr. Usman Anwar pins ranks on District Police Officer Mandi Bahauddin, Ahmad Mohiuddin, upon his promotion.

July 26, 2025
Pakistan hosted the Regional Chiefs of Defence Staff Conference today in Islamabad, convening senior military leadership from the United States of America, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
Headline

Pakistan hosted the Regional Chiefs of Defence Staff Conference today in Islamabad, convening senior military leadership from the United States of America, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

July 26, 2025
The Government of Pakistan has conferred the prestigious award of Nishan-e-Imtiaz (Military) upon General Michael E. Kurilla, Commander of United States Central Command (USCENTCOM),
Headline

The Government of Pakistan has conferred the prestigious award of Nishan-e-Imtiaz (Military) upon General Michael E. Kurilla, Commander of United States Central Command (USCENTCOM),

July 26, 2025
Customs Enforcement to carry out next four raids in coordination with relevant trade associations: Moinuddin Wani
Business

Customs Enforcement to carry out next four raids in coordination with relevant trade associations: Moinuddin Wani

July 26, 2025
ON INDONESIAN BLOOD DONATION PROGRAM 2025
Headline

ON INDONESIAN BLOOD DONATION PROGRAM 2025

July 26, 2025
Punjab Government to Transform 1,200 Villages into Model Settlements under Suthra Punjab Initiative
Headline

Punjab Government to Transform 1,200 Villages into Model Settlements under Suthra Punjab Initiative

July 26, 2025
Bollywood Film ‘Dhurandhar’ Sparks Outrage in Pakistan Over Benazir Bhutto Depiction
Headline

Bollywood Film ‘Dhurandhar’ Sparks Outrage in Pakistan Over Benazir Bhutto Depiction

July 26, 2025
Pakistan’s Daniyal Shahzad Wins Bronze at International Physics Olympiad 2025
Headline

Pakistan’s Daniyal Shahzad Wins Bronze at International Physics Olympiad 2025

July 26, 2025
Juggan Kazim Issues Public Apology to Alizeh Shah Over Past Incident
Headline

Juggan Kazim Issues Public Apology to Alizeh Shah Over Past Incident

July 26, 2025
Pakistan vs India to Face Off in UAE as Asia Cup 2025 Kicks Off This September – Full Details Inside
Headline

Pakistan vs India to Face Off in UAE as Asia Cup 2025 Kicks Off This September – Full Details Inside

July 26, 2025
Next Post
Candidate’s of businessman panel in FPCCI election 2024.

Candidate's of businessman panel in FPCCI election 2024.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Most Popular

PM Youth Laptop Scheme 2025: HEC Releases Merit List – Check Your Eligibility Online Now!

Yinyleon & her husband most viewed amateurs 2022 on adult site.

Improving Pakistan’s Response to Gender-Based Violence – A discussion on implementation of the Anti-Rape Act 2021.

Reckitt Benckiser (RB) & partners to revolutionize access of health & hygiene across 1 million rural households, backed by the UK Government

Mehwish Salman Ali Elected President of CxO Global Forum USA Chapter

Must Read

SECP
Headline

Capital markets is the only viable option for meeting country’s infrastructure financing needs: SECP Chairman

March 26, 2022
Karachi Authorities Implement Traffic Plan and Transport Closure for Muharram Processions.
Headline

Youm-e-Ashur Observed Nationwide with Reverence and Grief

July 7, 2025
The Azb is a 24/7 online news platform that covers a wide range of topics including business, economics, technology, finance, travel, fashion, and lifestyle.

Quick Links

  • Home
  • About us
  • SCI-TECH
  • Live TV
  • Banking

Useful Links

  • Videos
  • Reviews
  • Advertorial
  • Photos
  • About us
  • Author
  • Home
  • Latest News
  • Partner
  • Privacy Policy
  • Russian Theatre Group Celebrates Fifth Anniversary in Pakistan.
  • Terms and Conditions
  • The Azb – More Than Just News
  • Contact

© Copyright 2024 theazb. All Rights Reserved.

No Result
View All Result
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION

© Copyright 2024 theazb. All Rights Reserved.