Digital Looting Costs Pakistan Over $9 Billion Annually, Exceeding IMF Loan Program by 33%

ISLAMABAD: Pakistan has become a prime target for digital scammers, with consumers losing **more than $9 billion annually** to financial fraud — an amount equal to **2.5% of the country’s GDP** and **33% higher than the IMF’s $7 billion bailout package**, according to a new global report.

The *Global State of Scams Report 2025*, jointly issued by the **Global Anti-Scam Alliance (GASA)** and **Feedzai**, reveals that Pakistan is among the developing nations where **financial fraud poses a serious economic threat**. The report, based on a survey of 46,000 adults across 42 countries, found that **7 in 10 adults globally** experienced some form of scam last year, while **13%** encounter scam attempts daily.

While Pakistan’s **average per-victim loss** of **$139** is lower than in many countries, the **total financial impact runs into billions of dollars**, highlighting the scale of the problem.

Globally, digital and financial scams led to **$442 billion in losses** last year, with **online shopping scams (54%)**, **investment fraud (48%)**, and **fake prize schemes (48%)** being the most common. The report notes that the majority of funds were stolen through **bank transfers (29%)** and **credit card transactions (18%)**.

In Pakistan, scammers use a variety of tactics — including **fake parcel calls**, **phishing messages posing as bank officials**, and **false investment or prize schemes** — to deceive consumers into sharing sensitive information like **OTP codes**, **PINs**, and **account details**.

**Rehan Masood**, Senior Joint Director of Cyber Risk Management at the **State Bank of Pakistan (SBP)**, said the regulator has significantly **tightened cybersecurity protocols** to reduce the misuse of digital banking and wallet accounts. He noted that **over 90% of such fraud attempts have been curtailed**, and soon they will be **eliminated entirely**.

However, Masood emphasized that **most scams succeed because users voluntarily share their confidential data** with fraudsters.

**Khiyam Siddiqi**, Head of Corporate Communications and Customer Care at **JazzCash**, stressed the importance of **digital awareness** as Pakistan transitions toward a **cashless economy**. He said that **fraud tactics are evolving rapidly**, from phishing calls to fake apps, making **public education and awareness campaigns crucial**.

To address the issue, JazzCash and other stakeholders, under the **supervision of the State Bank of Pakistan**, have launched a **nationwide awareness campaign** to educate citizens on how to recognize and avoid digital financial scams.

Experts say these initiatives mark an important step toward building a **secure, transparent, and digitally literate financial ecosystem** in Pakistan.