By Commerce Reporter
LAHORE: The Lahore Chamber of Commerce and Industry has expressed serious concern over the growing incidence of banking fraud, cybercrime and online financial scams in Pakistan, calling for urgent nationwide measures to strengthen cybersecurity protections and safeguard consumers.
In a strongly worded statement, LCCI Senior Vice President Tanveer A Sheikh said the rapid increase in digital fraud cases was becoming a major threat to public confidence in Pakistan’s banking and digital payment infrastructure.
He said businesses, traders and ordinary consumers were increasingly falling victim to sophisticated cyber scams, including phishing attacks, fake mobile applications, fraudulent loan offers, identity theft, account hacking and unauthorized online banking transactions.
“The rapid expansion of digital banking and online financial services must be accompanied by equally strong cybersecurity protections. Unfortunately, cybercriminals are exploiting loopholes faster than institutional safeguards are evolving,” he said.
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Tanveer A Sheikh noted that Pakistan’s transition toward a cashless and digitally connected economy could suffer serious setbacks if authorities failed to take immediate and effective action against cybercriminal networks.
He observed that many consumers lacked awareness about online security threats, while financial institutions were still struggling to counter increasingly advanced fraud techniques being used by hackers and organized cybercrime groups.
The LCCI Senior Vice President urged the State Bank of Pakistan, commercial banks, telecom operators and law enforcement agencies to jointly launch a coordinated national cybersecurity strategy aimed at protecting digital financial systems and consumer data.
He called for stronger monitoring systems, faster complaint resolution mechanisms and improved cybersecurity standards across banks and fintech platforms operating in the country.
According to the LCCI, delayed action against online fraud is not only causing financial losses to citizens but is also damaging investor confidence and slowing the adoption of digital commerce in Pakistan.
Tanveer A Sheikh stressed that Pakistan’s business community strongly supports digitalization and modern financial technologies, but sustainable growth in the sector would only be possible if users felt their money and personal information were secure.
He also emphasized the need for public awareness campaigns to educate consumers about phishing links, fake calls, suspicious messages and fraudulent applications commonly used to steal banking information.
The chamber further urged authorities to introduce stricter penalties for cybercriminals and improve coordination between financial regulators, cybersecurity experts and investigative agencies to combat the growing threat.
The LCCI warned that without immediate reforms and stronger digital protections, cyber fraud could become one of the most serious challenges facing Pakistan’s emerging digital economy in the coming years.
