Visa’s Stay Secure Study Reveals Increased Consumer Vigilance Against Digital Payment Scams in KSA

Visa’s Stay Secure study reveals that 97% of KSA consumers actively secure their digital payments. While 43% recognize vulnerability to scams, trust in digital transactions is growing, with 73% feeling confident about their safety. Additionally, Visa is enhancing fraud prevention initiatives through AI investments to support secure digital interactions.

The recent Stay Secure study conducted by Visa indicates a significant surge in consumer awareness regarding digital payment security in Saudi Arabia (KSA). This ninth edition of the annual study, which surveyed 5,800 adults across 17 CEMEA markets, reveals that 97% of consumers in KSA have adopted various precautions to secure their online transactions, demonstrating a marked increase in sophistication as digital payments gain popularity.

Despite 43% of respondents recognizing their vulnerability to scams, the study notes an encouraging trend towards stronger security measures and authentication preferences among consumers. Individuals are now more proficient at identifying warning signs and verifying online interactions, suggesting a positive evolution in consumer behavior since the 2023 study.

The findings suggest a robust future for digital payments in KSA, with 73% of respondents expressing strong trust in digital payments and 77% planning to increase their usage of these methods in the upcoming year. As the digital payments landscape evolves, consumers are not only enjoying its convenience but are also becoming increasingly vigilant about potential security threats.

Neil Fernandes, the Head of Risk for Middle East and North Africa at Visa, emphasized the importance of consumer education and collaboration to combat the growing sophistication of scams. Ali Bailoun, Regional General Manager for KSA, Bahrain, and Oman, highlighted the vital role of retailers and financial institutions in fostering consumer trust and supporting the Saudi government’s Vision 2030 cashless agenda.

Key insights from the study reveal that while scams are prevalent, and nearly half (43%) of consumers have experienced one, many do not shoulder the blame, attributing their victimization to other factors. Concerns surrounding the vulnerability of family members are notably high, with 96% of respondents worried about their loved ones falling for scams, particularly amongst Gen X users.

Consumers exhibit heightened skepticism toward suspicious communications, particularly those requesting sensitive information such as password resets. Almost all surveyed (97%) have taken measures to enhance their payment security, with actions including declining dubious transfer requests and monitoring bank statements for irregularities.

Digital payment usage is rising, with mobile payments leading at 66%, followed by card payments at 63% and bank transfers at 56%. Many respondents appreciate digital payments for their convenience, as 69% perceive them to be quicker and more efficient than alternative methods. However, there are opportunities to improve the user experience, particularly regarding peer-to-peer payments.

To sustain the growth of digital payments, trusts can be reinforced by requiring user identity confirmations and displaying security badges. A significant majority (88%) feel more secure with identity verification via text, while half value visible security indicators.

Visa continues to bolster its commitment to ensuring a secure digital future through investments in AI technologies. Over the past decade, Visa has dedicated $3.3 billion to this initiative and unveiled new AI-powered fraud prevention solutions as part of the Visa Protect suite to combat different payment frauds. Visa’s efforts led to blocking $40 billion in fraudulent payment value and preventing over 80 million fraudulent transactions last year, showcasing their industry-leading position against cybercrime.

In conclusion, Visa’s Stay Secure study highlights the rising consumer awareness and proactive measures toward digital payment security in Saudi Arabia. With a substantial majority of consumers now adopting various precautions and expressing confidence in digital transactions, the landscape for digital payments continues to thrive. Ongoing education and collaboration between industry stakeholders will further enhance consumer trust and security, supporting the broader transition toward a cashless society as outlined in the Saudi government’s Vision 2030 agenda.

Original Source: techafricanews.com