SBP Imposes 2-Hour Hold on Large Online Transfers to Curb Fraud

Islamabad — In a fresh move to combat rising digital fraud, the State Bank of Pakistan (SBP) has instituted a mandatory two-hour delay on large online fund transfers.

Announced during a Parliamentary Finance Committee session, the regulation requires banks to hold any transaction above an undisclosed limit for up to two hours before crediting the receiver’s account. This “cooling-off” period allows banking systems to verify the legitimacy of transfers and halt any suspicious activity.

While customers have expressed frustration—especially those needing urgent payments—the SBP says the delay is necessary to stem losses via scams and phishing schemes.
The Sargodha Chamber of Commerce and Industry has lauded the move, calling it a vital step in reinforcing customer protection.

Banks must now also notify customers via SMS when a large transfer is initiated and inform them of the two-hour verification period. If a transfer goes through in spite of a fraud claim, responsibility for compensation will lie with the bank.