Pakistan digital banking surges to 137 million amid rising cyber fraud

Pakistan is experiencing a rapid expansion in digital banking alongside significant challenges in cybercrime. The number of digital banking users has surged from 95 million to 137 million within a year, with electronic transactions increasing from 6.9 billion to 11.9 billion. This growth is driven by the ‘Cashless Pakistan’ initiative, which aims to provide digital payment options for all public-sector transactions, including utility bills and toll plazas.

However, this digital shift is accompanied by rising financial fraud. Data from the National Cyber Crime Investigation Agency (NCCIA) shows that over 227,000 Pakistanis lost a combined Rs. 8.32 billion to cyber fraud over the last three years. Officials suggest the actual impact is much higher due to unreported smaller thefts. The country faces a significant enforcement gap, with only approximately 350 dedicated cybercrime investigators managing over 160,000 cases.