Pakistan has become a prime target for digital financial fraud, with citizens losing more than $9.3 billion each year to online scams, according to a new international report.The shocking figure equals 2.5% of the country’s GDP, making financial scams one of the most serious threats to Pakistan’s digital economy.
The Global State of Scams Report 2025, jointly released by the Global Anti-Scam Alliance and Feedzai, revealed that the losses from digital financial fraud in Pakistan exceed the $7 billion IMF loan program by nearly one-third. The report warns that if immediate preventive steps are not taken, the problem could further cripple the economy.
The findings are based on a survey of 46,000 adults across 42 countries, showing that 7 out of 10 people worldwide fell victim to some form of scam in the past year. Alarmingly, 13% of respondents said they encounter scam attempts every single day.
In Pakistan, the average loss per affected person is $139, which may seem small individually but translates into billions of rupees collectively. The report highlighted that online shopping fraud (54%), fake investment schemes (48%), and bogus prize offers (48%) are among the most common scams globally.
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Financial experts say Pakistan’s growing shift toward cashless transactions has made it an easy target for digital fraudsters. From phishing calls to fake parcel notifications and impersonation of bank officials, scammers are finding new ways to trick unsuspecting citizens into sharing sensitive financial data.
Rehan Masood, Senior Joint Director of Cyber Risk Management at the State Bank of Pakistan (SBP), explained that while the central bank has strengthened its cybersecurity framework, public awareness remains the most critical line of defense.
“Unauthorized account use through digital banking has dropped significantly—over 90%—thanks to stronger verification systems,” Masood said. “However, most scams still succeed when users share their own PINs, OTPs, or account details with fraudsters.”
He added that all banks are now required to ensure two-factor authentication and biometric verification before granting access from new devices, which has further reduced fraudulent activity.
Meanwhile, JazzCash Head of Corporate Communications and Customer Care, Khayyam Siddiqi, emphasized that public education is essential as Pakistan moves toward a cashless economy. “Scammers keep evolving their methods—from phishing calls to fake apps—so technology alone isn’t enough. Awareness is key,” he said.
To counter the threat, JazzCash, the State Bank, and other stakeholders have launched a nationwide awareness campaign to educate citizens about identifying scams and protecting their personal data.
