ISLAMABAD – The National Cyber Crimes Investigation Agency has revealed that online fraud in Pakistan has reached Rs3 billion, raising concerns about the growing scale of electronic crimes in the country.
During a briefing to the National Assembly Standing Committee on Information Technology, officials highlighted that global online fraud has already crossed $2 trillion. Pakistan, they warned, is not immune to this rising cybercrime trend.
A major issue identified was the misuse of online loan apps. In the past, some of these apps charged shocking interest rates of up to 1800%. However, stricter regulations from the Securities and Exchange Commission of Pakistan (SECP) have now capped interest rates at 100%.
Officials stated that action has been taken against 90% of loan app companies involved in fraudulent activities. Law enforcement agencies have also conducted raids on 63 call centers in the past year, leading to the arrest of 450 individuals linked to various scams.
The agency explained the different tactics used by fraudsters, including fake investment offers, impersonation of bank and courier staff, and stealing OTPs (One-Time Passwords) to access personal accounts.
Another alarming trend has been the sharp rise in WhatsApp hacking cases. Hackers compromise user accounts, and because recovery can take 10 to 12 hours, they exploit this time window to scam contacts or steal confidential data.
Authorities urged citizens to remain cautious and avoid sharing sensitive information online. They stressed that public awareness is key to preventing online fraud and minimizing financial losses.
The committee assured that further measures will be taken to strengthen cyber laws and improve digital security systems. Officials also emphasized the need for closer cooperation between regulators, law enforcement, and telecom operators to combat these crimes effectively.
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