Daily financial fraud reaches Tk 10-20cr, law enforcement urges public vigilance
At a time when Bangladesh pushes to expand digital banking, law enforcement officials have issued a stark warning: financial fraud amounting to Tk 10 to 20 crore occurs every single day, much of it linked to the misuse of digital financial systems.
Citizens are being urged to remain vigilant, especially when carrying large sums of cash, and to immediately seek help from law enforcement agencies if they suspect foul play.
The alarming figure was disclosed by Abu Lice Md Elius Ziku, Additional Deputy Commissioner of the Detective Branch (DB), Dhaka Metropolitan Police, during a focus group discussion titled “Digital Banking for All: Bridging the Financial Inclusion Gap”, organised by the Dhaka Chamber of Commerce & Industry (DCCI) at its auditorium in Dhaka on Thursday.
“Many customers are falling victim to sophisticated frauds through mobile financial services and digital platforms,” Ziku warned. “We strongly advise the public not to carry large amounts of cash unnecessarily. If you must, stay alert and contact police or DB immediately if anything seems suspicious.”
He also recommended introducing a mandatory renewal process for mobile banking accounts after initial registration and called on financial service providers to prioritise customer security over convenience.
The discussion brought together government officials, central bankers, fintech leaders, and cybersecurity experts, all of whom acknowledged that while digital banking holds immense promise, Bangladesh remains far from realising its full potential due to systemic gaps.
DCCI President Taskeen Ahmed noted that despite the launch of Mobile Financial Services (MFS) in 2011, only 54% of the population currently uses them. “Cybersecurity risks, weak consumer protection, and a deep trust deficit are holding us back,” he said, stressing the need for affordable digital access, stronger coordination among regulators, and nationwide digital literacy campaigns.
Shish Haider Chowdhury, Secretary of the ICT Division, speaking virtually as Chief Guest, revealed that data of 50 million citizens had been leaked onto the dark web due to flawed registration processes. He assured that the government is finalising a Personal Data Protection Ordinance within a month and is working on a unified digital service platform—already offering 10 citizen services in Dhaka.
Dr Md Ezazul Islam, Executive Director of Bangladesh Bank, shared sobering statistics: of the Tk 31.5 trillion in total money circulation as of August 2025, a staggering Tk 22.7 trillion remains outside the banking system, held in cash by individuals. Only 27-28% of financial transactions are digital, with over 70% still conducted through traditional, cash-based methods.
This reliance on physical cash, experts warned, not only fuels the underground economy but also makes citizens easy targets for fraudsters and robbers.
Sanjid Hossain of Robi Axiata projected that the Asia-Pacific digital banking market could grow from $4.68 billion in 2025 to over $11.2 billion by 2033, with Bangladesh alone holding the potential to reach $30 billion, if trust and security are restored.
Cybersecurity expert Shahee Mirza of Beetles Cyber Security Ltd called for a unified national cyber framework and stricter safeguards for agent banking terminals, which are often vulnerable to tampering.
Meanwhile, Kazi Azizur Rahman of City Bank PLC highlighted that 30-40% of Bangladeshis remain unbanked, often keeping large cash sums at home due to lack of access or trust, making them prime targets for theft and fraud.