Cyber fraud surge

For the fraudster, however, thousands of such transactions constitute a highly profitable business. The sophistication of these crimes has also changed the nature of the threat. Fraudsters routinely impersonate bank officials and other trusted institutions, while Whats.

App accounts and telephone numbers provide convenient tools for establishing credibility. The victim is often manipulated into authorising the transaction personally, leaving institutions with a difficult question of where responsibility begins and ends. The institutional response to this has been weak, and it can only be meaningful when it changes the risk calculation for criminals.

There is a policy issue here that deserves greater attention. Pakistan is actively promoting digital payments and greater financial inclusion. The State Bank has introduced a technology risk management framework for payment institutions, requiring stronger controls against cyber risks, while its consumer protection framework has also been strengthened.

The next step should be to measure these policies by outcomes. How quickly are suspicious transactions detected? How rapidly can a compromised account be frozen?

How much stolen money is recovered? How many repeat offenders are identified across different complaints? Public awareness remains necessary, but telling citizens to recognise suspicious calls cannot become a substitute for institutional safeguards.

Pakistan cannot expect public confidence in its digital economy to grow while cyber criminals continue to treat citizens' accounts as easy targets.