Visa’s Stay Secure study reports that 97% of Saudi Arabian consumers have become more vigilant regarding digital payment security, with 73% expressing trust in these transactions. While significant vulnerabilities still exist, consumers are increasingly adopting protective measures and anticipating greater use of digital payments. The findings reflect an evolution in consumer attitudes towards digital transactions fueled both by educational efforts and Visa’s commitment to fraud prevention.
Visa’s latest Stay Secure study, which involved 5,800 adult participants across 17 CEMEA markets, reveals significant growth in consumer awareness regarding digital payment security in Saudi Arabia (KSA). The research indicates that 97% of KSA consumers now actively implement safety measures when engaging in online transactions, emphasizing a heightened vigilance as digital payment usage increases.
However, the study also noted that 43% of respondents in KSA recognize their susceptibility to scams. This development is underscored by a marked preference among consumers for stronger authentication practices, showing a notable behavioral shift since the last study in 2023. Individuals are now more adept at identifying potential scams and verifying online interactions’ legitimacy.
The findings demonstrate a positive trajectory for digital payment trust dynamics in KSA, with nearly 73% of respondents expressing trust in digital transactions. Additionally, 77% foresee an increase in their usage of digital payments over the coming year, signifying growing comfort with this payment method.
Neil Fernandes, Head of Risk for Middle East and North Africa at Visa, emphasized that consumer education is vital in fighting fraud. He noted that, as scams continue to evolve, the collective effort of industry collaboration is essential in enhancing consumer protection.
Ali Bailoun, Regional General Manager for KSA, Bahrain, and Oman at Visa, remarked on the significance of the study for retailers and financial institutions. He outlined that the insights garnered could shape industry strategies aligned with the Saudi government’s Vision 2030 cashless agenda while reinforcing consumer trust in digital payments.
The study identified critical areas related to consumer behavior and fraud prevention:
1. Falling for Scams: 43% of surveyed consumers admitted to having fallen victim to scams, with 59% experiencing requests to transfer money on behalf of others.
2. Vulnerable Loved Ones: Awareness extends to concern for loved ones, as 96% of respondents expressed worry that family and friends could be targeted.
3. Detecting Fraudsters: There is a keen awareness of suspicious communications, with 71% considering requests to reset account passwords as serious red flags.
4. Taking Precautions: An overwhelming 97% of consumers are engaged in safeguarding their online transactions, with 60% ignoring suspicious emails and 58% protecting their personal information.
5. Rising Digital Payments: Mobile payments are the most preferred method among consumers, appreciated for their convenience and efficiency.
6. Building Trust: A significant majority feel increased safety when required to confirm their identity during transactions, highlighting the importance of verification methods.
In summary, Visa’s Stay Secure study illustrates a promising shift among consumers in Saudi Arabia, indicating an increase in awareness and proactive measures against digital payment scams. Despite a significant percentage acknowledging potential vulnerabilities, the overall trust in digital payments remains strong and continues to grow. As the landscape evolves, further education and collaborative efforts will be crucial in assuring consumer confidence and combating fraud effectively.
Original Source: techafricanews.com
