ISLAMABAD – The volume of electronic fraud in Pakistan has reached a staggering Rs 3 billion, it was revealed by the National Cyber Crimes Investigation Agency while giving a briefing to the National Assembly Standing Committee on Information Technology.
Officials revealed that while online fraud has reached a global estimate of $2 trillion, Pakistan is also facing a growing cybercrime challenge.
A major source of concern has been online loan apps, which were previously charging interest rates exceeding 1800%.
However, due to tighter regulations by the Securities and Exchange Commission of Pakistan (SECP), the maximum allowable interest has now been capped at 100%.
The agency informed the committee that action has been taken against 90% of the online loan app companies involved in fraudulent activities.
In the past year alone, law enforcement agencies have conducted raids on 63 call centers, leading to the arrest of 450 individuals connected to various forms of electronic fraud.
Officials detailed the various tactics used to exploit unsuspecting citizens, including scams under the guise of investment opportunities, impersonation of bank and courier representatives, and obtaining OTPs (One-Time Passwords) to gain unauthorized access to personal data and finances.
A significant spike in WhatsApp hacking cases was also reported. Hackers often compromise accounts, and due to delays in account recovery—which can take 10 to 12 hours—fraudsters exploit the access window to scam users’ contacts or steal sensitive information.
