Cyber fraud involving digital financial services is costing Pakistan approximately 2.5 per cent of its gross domestic product (GDP), according to a report associated with the International Monetary Fund (IMF) and the World Bank Group (WBG).
This figure is significantly higher than the global average economic loss caused by cyber-enabled financial fraud, estimated at 0.45 per cent of GDP.
The risk was highlighted in a report titled The Bangkok Blueprint in Action: Regional Experiences and Policy Lessons for Fraud-Resilient Financial Services, released on 14 October 2026. The report focuses on policy measures that countries can adopt to combat cyber fraud.
According to the report, economic losses caused by cyber-enabled financial fraud remain high across Asia, with Pakistan identified as a country recording one of the highest losses relative to GDP.
The Bangkok Blueprint, developed through collaboration between the IMF, the World Bank Group and the Bank of Thailand, emphasises the need to strengthen national and international cooperation to prevent, detect and respond to fraud involving digital payments and financial services.
Its key recommendations also include improving information-sharing among financial institutions, regulatory authorities, law enforcement agencies and technology service providers, as well as strengthening consumer protection.
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A Honda Vezel reportedly belonging to Chief Inspector Varuni Bogahawatte, who serves as the Officer-in-Charge of the Administration Division at Kotawila Police Station, has been taken into the custody of the Financial Crimes Investigation Division (FCID) of the Criminal Investigation Department (CID), according to reports.
The move was reportedly prompted by information that a person accused of defrauding the Matara Cooperative Society had been paying the leasing instalments for the vehicle.
According to reports quoting investigating officers, Ms Bogahawatte has been unable to provide information on how she obtained the funds to purchase the vehicle.
Information about the vehicle reportedly came to light during investigations into Chaminda Prasanga Gunasekara, who has been accused of defrauding the Matara Cooperative Society of more than Rs. 10 billion.
Key issues to be established during the investigation include the account from which the individual paid the vehicle’s leasing instalments, the source of the funds and whether cooperative funds were used for the payments.
Allegations over Rs. 275 million transaction
Serious allegations concerning the funds of the Matara District Cooperative Rural Banks Association had also been reported previously.
According to a media report published on 24 April 2026, a court had ordered that Chaminda Prasanga Gunasekara remain in remand custody until 30 April.
One of the allegations cited in the report was that Rs. 275 million had been improperly transferred to an account belonging to the Matara District Cooperative Hospital Society out of the Rs. 300 million received by the association on 2 May 2025.
The report also stated that he had served as chairman of both institutions during the relevant period.
The National Audit Office has revealed that nearly 77 officers attached to five divisions of Sri Lanka Customs claimed overtime allowances for a total of 18,225 hours, after signing the Customs Form 221 overtime register, even though the divisions had not been open for official duties on the days concerned.
The officers had reportedly claimed overtime allowances for work allegedly performed over 10 weekend holidays in December 2025, recording in the Customs Form 221 overtime register that they had worked a total of 18,225 hours of overtime.
Furthermore, the overtime register showed that officers attached to these divisions had performed overtime duties from 4.45 p.m. until 8.00 a.m. the following day, during the period from 15 to 19 December 2025.
However, it was revealed that the relevant offices had been closed and their keys handed over between 4.30 p.m. and 9.45 p.m.
The audit has recommended that urgent attention be given to installing fingerprint scanning machines to accurately verify the arrival and departure times of Customs officers.
The Department of Meteorology says showers or thundershowers will occur in most parts of the island after 1.00 p.m. today (Oct. 17).
Fairly heavy falls above 75 mm are likely in parts of the Western, Sabaragamuwa, Central, and North-Central provinces, and in the Trincomalee and Mullaitivu districts.
Showers may occur in the coastal areas of the Western Province and in the Galle, Puttalam, Mannar, and Jaffna districts during the morning.
The general public is kindly requested to take adequate precautions to minimize damage from temporary localized strong winds and lightning during thundershowers.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces during the early hours of the morning.