Complaints about digital banking in Pakistan hit record highs in 2024
Cybersecurity, fraud, and service inefficiencies top the list of grievances as online banking adoption surges, with fraud-related complaints more than tripling in two years
Haris Zamir
Business Editor
Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)
Complaints related to online and digital banking services in Pakistan have reached record levels, highlighting growing concerns over cybersecurity, fraud, and service inefficiencies in the rapidly evolving financial sector, according to the Annual Report 2024 released by the Banking Mohtasib of Pakistan.
The report reveals a sharp uptick in grievances linked to internet and mobile banking, Interbank Fund Transfers (IBFT), e-commerce transactions, and mobile apps, as more consumers adopt digital platforms for everyday financial needs.
Complaints in this category have surged significantly over the past three years, rising from 2,574 in 2022 to 4,037 in 2023, and further climbing to 4,535 in 2024, making it the most reported banking issue in the country last year.
“As digital adoption grows, so do the challenges in system security, efficiency, and customer service,” the report stated.
Fraud cases also on rise
One of the most alarming trends in the report is the increase in fraud-related complaints, which jumped from 1,323 in 2022 to 4,171 in 2024—more than tripling in just two years. These include cases of identity theft, unauthorized transactions, phishing scams, and compromised banking credentials.
The report warns that as Pakistan continues transitioning toward a cashless economy, robust cybersecurity infrastructure and fraud prevention mechanisms will be critical to protecting consumers and sustaining trust in the financial system.
Region-wise breakup of complaints received against commercial banks
- Punjab: 18,284
- Sindh: 7, 198
- KP: 2,198
- Balochistan: 541
- Gilgit-Baltistan: 941
- Azad Kashmir: 349
- Overseas Pakistanis: 1,939.
Service and infrastructure complaints persist
In addition to fraud, customers also faced issues with account blockages, ATM malfunctions, and poor service delivery across multiple banks. These operational inefficiencies further contributed to the total number of complaints rising to 30,602 in 2024, compared to 28,830 in 2023.
The Banking Mohtasib urged financial institutions to enhance transparency, invest in fraud prevention technology, and streamline complaint resolution processes to keep pace with the country’s digital transformation.
“Banks must act swiftly to address consumer grievances and ensure that technological advancement does not come at the cost of customer trust,” the Mohtasib’s office said.
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