Pakistan has increasingly become a target of digital scammers, with consumers losing more than $9 billion every year due to financial and online frauds. Experts warn that public awareness is the most effective weapon against such schemes.
According to the Global State of Scams Report 2025, jointly released by the Global Anti-Scam Alliance (GASA) and Feedzai, financial fraud causes an annual loss of $9.3 billion to Pakistan’s economy — an amount equivalent to 2.5% of the country’s GDP, and 33% higher than the $7 billion IMF loan programme.
The report highlights that Pakistan is among the developing countries where financial fraud has become a serious economic threat.
Based on a survey of 46,000 adults across 42 countries, the report reveals that 7 out of every 10 adults worldwide were targeted by scams in the past year, while 13% face scam attempts daily.
Although the average loss per victim in Pakistan is relatively lower at $139, the total financial impact runs into billions of dollars due to the large number of victims.
Globally, scams caused a loss of $442 billion last year, exposing the devastating effects of online fraud on the international financial system.
Common Scam Patterns
The most prevalent scams worldwide include online shopping fraud (54%), investment scams (48%), and fake prize schemes (48%). Most of the stolen funds were transferred via bank transactions (29%) and credit cards (18%).
Banking Sector Strengthens Cyber Security
According to Rehan Masood, Senior Joint Director of Cyber Risk Management at the State Bank of Pakistan, it is important to distinguish between financial fraud and digital scams.
He said the central bank has significantly strengthened its cybersecurity framework, making it nearly impossible to misuse digital banking or wallet accounts.
“No bank account can now be accessed from an unverified device,” he explained. “Even authorized users must undergo two-factor authentication and biometric verification before using a new device.”
Masood added that these measures have reduced the chances of fraudulent account misuse by over 90%, and the number is expected to reach 100% elimination in the near future.
He noted that most fraud cases succeed only when users voluntarily share their PINs or OTP codes with scammers.
How Scammers Trap Users?
Experts revealed that fraudsters often impersonate bank representatives, make fake parcel calls, or send account deactivation threats to extract sensitive details from victims, later using them for unauthorized transactions.
Public Awareness Initiatives
Khayyam Siddiqi, Head of Corporate Communication and Customer Care at JazzCash, emphasized that as Pakistan moves toward a cashless economy, protecting consumers from financial fraud is more critical than ever.
He said that fraud techniques evolve rapidly, from phishing calls to fake mobile apps, making digital education and awareness campaigns essential.
Siddiqi added that JazzCash, in collaboration with other stakeholders and under the State Bank of Pakistan’s guidance, has launched a nationwide awareness campaign to educate users about scam tactics and prevention methods.
“This initiative will strengthen digital financial literacy and consumer protection, paving the way for a secure and trusted digital finance ecosystem in Pakistan,” he said.
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