Pakistanis Lose Over $3 Billion to Online Fraud

Islamabad: Pakistani citizens have collectively lost more than $3 billion to online fraud, according to the National Cyber Crime Authority (NCCIA). Officials noted that this figure reflects only reported cases, while the actual losses are feared to be much higher.

During a Senate Standing Committee on IT meeting chaired by Senator Palwasha Khan, officials revealed that global online fraud has reached $2 trillion. In Pakistan, more than 60% of cybercrime complaints relate to electronic scams, where fraudsters lure citizens with false promises and deceptive tactics.

Authorities disclosed that in the past year, 63 call centres were raided, resulting in the arrest of 450 individuals. Scammers often trick victims by asking for mobile verification codes or posing as courier service staff. Once they obtain codes, fraudsters hack WhatsApp and other IDs, using them for up to 12 hours to demand money from friends and family.

Officials further revealed that some registered call centres were also involved in fraudulent activities. The NCCIA has now started mapping such centres to monitor their operations.

The briefing also exposed several loan-providing apps that exploited citizens by charging returns as high as 1800%. Initially, when SECP issued licences to these apps, no limit was set on loan returns. However, new regulations have now capped return rates to curb such exploitation.