Pakistan Loses $9.3 Billion Annually to Financial Scams, Report Reveals

Pakistan is losing a staggering $9.3 billion every year — nearly 2.5% of its GDP — due to rising digital and financial frauds, according to the Global State of Scams Report 2025, jointly published by the Global Anti-Scam Alliance and Feedzai.

The report reveals that the losses from scams exceed 33% more than Pakistan’s $7 billion IMF bailout package, underscoring the alarming economic impact of cyber and financial frauds.

Surveying over 46,000 adults across 42 countries, the report found that 7 out of 10 adults worldwide faced scam attempts last year, with 13% experiencing them daily.

Although Pakistan’s per-victim loss is relatively low (about $139 per person), the cumulative impact on the national economy is enormous. Common scams include online shopping fraud (54%), investment scams (48%), and fake prize schemes (48%), with most money stolen via bank transfers (29%) and credit cards (18%).

Experts warn that Pakistan’s rapid shift toward a cashless economy has also made it a soft target for scammers. Frauds are frequently executed through SMS, WhatsApp, and social media, luring citizens with fake investment offers and prize notifications.

According to Rehan Masood, Senior Joint Director Cyber Risk Management at the State Bank of Pakistan, financial fraud and scams differ significantly. He explained that cyber misuse of digital banking systems has dropped by over 90% due to tighter cybersecurity frameworks. However, most frauds occur when users voluntarily share confidential data such as PINs, OTPs, or passwords.