Pakistan Loses $9 Billion Annually to Financial Scams: Global Report

Pakistan is losing an estimated $9.3 billion annually  around 2.5% of its GDP to financial scams, according to the Global State of Scams Report 2025 by the Global Anti-Scam Alliance and Feedzai. Despite ranking sixth for the lowest average loss per victim ($139), the cumulative impact exceeds even the country’s $7 billion IMF loan, highlighting the massive economic toll of fraud.

The report surveyed 46,000 adults across 42 markets, revealing that 70% of people worldwide encountered scams in the past year, with 13% targeted daily. Globally, scams cost economies a staggering $442 billion in 2024, with shopping, investment, and money-related scams topping the list.

In Pakistan, scammers increasingly exploit SMS, WhatsApp, and social media to run fake investment and online shopping schemes. Victims are often lured through small returns or fake courier and banking messages that steal personal information.

Rehan Masood, Senior Joint Director of Cyber Risk Management at the State Bank of Pakistan (SBP), noted:

“Digital fraud has grown with e-commerce expansion, but enhanced security measures like biometric verification and two-step authentication have reduced unauthorized access by up to 90%.”

However, he cautioned that most scams still occur when users share sensitive information such as PINs or verification codes directly with fraudsters.

Experts urge citizens to stay vigilant, avoid clicking suspicious links, and never disclose banking credentials online. Authorities are also strengthening cybersecurity frameworks to counter rising digital fraud and protect consumers in Pakistan’s growing digital economy.