Every second person in Pakistan fell victim to online financial fraud in 2024, while one in five experienced digital scams multiple times, according to a global survey.
The survey, conducted by Visa across the CEMEA region (Central and Eastern Europe, Middle East, and Africa), including Pakistan, revealed that over half (55%) of Pakistani consumers have previously fallen prey to some form of scam—up from 52% in 2023. Moreover, 20% reported being affected on multiple occasions.
This surge in fraud comes as Pakistan’s digital economy rapidly expands, with both businesses and consumers increasingly adopting online payment solutions as alternatives to cash and check-based transactions.
According to Umar S. Khan, Visa’s Country Manager for Pakistan and Afghanistan, Visa has invested $14 billion over the past five years in AI, advanced technologies, and network connectivity to protect consumers from online financial fraud.
He explained that Visa is working on introducing biometric payment solutions in Pakistan and implementing biometric verification wherever feasible. The goal is to modernize and secure the existing two-factor authentication process. Additionally, Visa is expanding token-based secure payment solutions across the country.
Khan noted that cyber threats have naturally increased. With the growing adoption of digital payments and the expansion of Pakistan’s digital economy, the situation is becoming more alarming.
He also pointed out that consumer confidence in digital payments is being affected, as over half (53%) of respondents believe fraud or unauthorized transactions could reduce their trust in digital platforms.
Interestingly, 84% of people who have previously been scammed said they still trust digital payments fully or mostly—even more than the 80% of those who have never been victims of fraud.
The survey was conducted by Wakefield Research, involving 500 adults over the age of 18 in Pakistan.
