Financial fraud accounts for 60% of cybercrime cases in Pakistan

Pakistan’s Senate Standing Committee on Human Rights has been informed that financial fraud accounts for 60% of cybercrime cases in the country, with

Pakistan’s Senate Standing Committee on Human Rights has been informed that financial fraud accounts for 60% of cybercrime cases in the country, with one-time passwords (OTPs) being the most commonly used method by fraudsters.

Officials of the National Cyber Crime Investigation Agency (NCCIA) briefed the committee on the growing threat of online fraud and the methods used by criminals to deceive victims and gain access to their money and personal information.

According to the briefing, OTP-related scams are the most common form of financial fraud. Fraud committed through WhatsApp and SMS messages ranks second. Officials also identified account hacking and cryptocurrency Ponzi schemes among the methods used by fraudsters, placing them fourth on the list of financial fraud categories.

During the meeting, committee chairperson Senator Samina Mumtaz Zehri also raised concerns about cryptocurrency-related fraud. She referred to the Mir Raza case, saying that cryptocurrency had also been a factor in the matter. She remarked that details of the case had emerged in a manner resembling a film.

The committee also discussed a fraud case involving parliamentarians Farhan Chishti and Shehryar Mehr. Senator Quratulain Marri raised the issue, informing the committee that suspects had obtained duplicate SIM cards registered to the two parliamentarians.

The incident raised concerns about the misuse of mobile phone connections and the potential risks associated with unauthorised SIM issuance. Such cases can expose individuals to financial fraud and the misuse of their identities and digital accounts.

NCCIA officials, however, said the matter fell within the jurisdiction of telecommunications companies and the Securities and Exchange Commission of Pakistan (SECP). They suggested that responses should be sought from the relevant organisations.

The committee was also briefed on online fraud involving Chinese nationals. NCCIA officials told the meeting that fraudsters operating in these cases were based in Cambodia.

The briefing highlighted the cross-border nature of online scams and the challenges faced by authorities in investigating criminal networks operating from outside Pakistan. It also underscored the need for coordination among cybercrime investigators, telecommunications companies and relevant regulatory bodies to address financial fraud and protect citizens from online scams.