Governor State Bank revealed during a finance committee meeting that transferring large digital payments will now take up to two hours for verification to prevent increasing fraud incidents. Banks have been instructed to delay transactions of significant amounts, giving time to ensure that no suspicious or fraudulent activity is involved before processing.
He explained that when a person initiates a large transfer, the bank will keep the amount on hold inside the system for two hours. During this period, the bank’s fraud detection systems will verify the legitimacy of the transaction. Only after the verification is complete will the payment be credited to the receiver’s account, minimizing the risk of scams.
The governor highlighted that fraudsters have been exploiting the rapid transfer system by tricking people into sending large sums instantly. By introducing this two-hour delay, authorities aim to reduce financial crimes that target unsuspecting customers. This measure will act as a protective barrier, ensuring that fraudulent activities can be detected before funds are permanently moved.
He further added that banks had reported multiple cases where customers were deceived into transferring money to scammers. Since financial institutions could not reverse transactions after completion, the two-hour verification period will now provide a crucial safeguard for both banks and customers.
Officials assured that routine, smaller transactions would not face significant delays, as the measure specifically targets large digital transfers. They emphasized that while the delay might feel inconvenient to some, it is an essential step toward enhancing security, restoring trust in digital banking, and protecting the financial well-being of citizens across the country.
The State Bank has also urged customers to remain cautious while making payments and to double-check recipient details before initiating transfers. This policy shift reflects the growing need to adapt digital banking systems to rising fraud threats while balancing convenience with robust security.