KARACHI: Banks in Pakistan must urgently enhance their cybersecurity systems to counter rising cyber threats, according to Mujahid Akbar, Additional Director General of the Federal Investigation Agency (FIA). Addressing a briefing at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Akbar underscored the critical need for robust cybersecurity measures across financial and institutional sectors.
Pakistan’s cybersecurity challenges have intensified, with outdated systems leaving banks and institutions vulnerable to sophisticated cyberattacks. The FIA has recorded over 100,000 cybercrime complaints nationwide, of which 29,000 cases originated in Karachi alone, reflecting the alarming scale of the issue. Despite the increasing adoption of smartphones and digital services, cybersecurity measures have failed to keep pace, Akbar noted.
Educated individuals constitute a surprising majority of cybercrime victims, with many perpetrators operating from remote areas, making detection and law enforcement complex. The FIA official highlighted a particularly disturbing trend of fraudsters opening bank accounts using the identities of drivers and employees to facilitate illegal fund transfers.
The ease of obtaining SIM cards in Pakistan exacerbates these vulnerabilities, allowing fraudsters to use multiple SIMs from a single device for fraudulent activities. This loophole, combined with weak cybersecurity protocols, creates a fertile ground for scams such as impersonation of government institutions and exploitation of customer data.
The FIA official emphasized that public awareness is the first line of defense against such crimes. He advised citizens to remain vigilant and reminded them that financial institutions never request personal or banking information over phone calls.
On enforcement, the FIA official admitted that while forensic facilities for cybercrime investigations exist, they are not equipped with the latest technologies. To strengthen deterrence, the government plans to enhance penalties for hackers and cybercriminals.
The briefing, attended by senior FPCCI officials including Senior Vice President Saquib Fayyaz Magoon and Vice President Asif Sakhi, called attention to the urgent need for banks and institutions to adopt modern cybersecurity technologies. Proactive measures will not only protect financial institutions but also restore public confidence in digital transactions amid the escalating threat of cybercrime in Pakistan.