Visa’s Stay Secure study indicates that 97% of consumers in Saudi Arabia are taking measures to secure their digital payments, reflecting heightened awareness about scams. Although 43% have fallen victim to scams, 73% express trust in digital payments, with expectations of increased usage. The findings emphasize the importance of consumer education and collaboration in combating fraud in this rapidly evolving sector.
A recent study commissioned by Visa reveals significant advancements in consumer security awareness surrounding digital payments in the Kingdom of Saudi Arabia (KSA). The ninth annual Stay Secure study, which surveyed 5,800 adults across CEMEA markets, showcases that 97% of KSA consumers actively implement measures to secure their online transactions, reflecting their increased savviness as digital payment adoption rises.
Despite 43% expressing vulnerability to scams, the escalation in the adoption of security measures indicates a favorable shift in consumer behavior since the previous study in 2023. Consumers are now more proactive in identifying warning signs and verifying the authenticity of online interactions, showcasing a commendable rise in awareness.
The research indicates that 73% of respondents trust digital payments considerably, with 77% expecting to increase their usage over the coming year. As the digital payments landscape evolves, consumers are embracing its convenience while remaining vigilant about potential security threats, emphasizing the importance of consumer education as the foremost defense against fraud.
Neil Fernandes, Visa’s Head of Risk for the Middle East and North Africa, emphasizes the importance of consumer education and collaborative efforts to combat fraud, stating, “Consumer education is our best defense against fraud, and industry collaboration makes this possible.”
Ali Bailoun, the Regional General Manager for KSA, highlights the role of retailers and financial institutions in fostering consumer trust in digital payments and how the findings of the research can help shape effective strategies to enhance security and support Saudi Arabia’s Vision 2030.
Key findings from the study reveal that 43% of KSA consumers reported falling victim to scams, with 10% succumbing multiple times. Although 62% express confidence in spotting fraud, a staggering 96% worry about their family and friends becoming victims. The most common red flags identified include suspicious messages requesting sensitive information, which 71% of respondents recognized as scams.
Notably, 97% of KSA consumers take measures to safeguard their transactions. Common practices include declining to respond to suspicious emails and regularly monitoring bank statements for unusual activity. The use of mobile payments (66%) and card payments (63%) is prevalent, with consumers appreciating the convenience offered by digital payment methods.
The study also reveals an opportunity to enhance the user experience for peer-to-peer (P2P) payments, which are used by 39% of adults but considered less user-friendly. Retailers and payment processors can strengthen consumer trust by implementing additional verification processes and displaying recognized security credentials, which significantly boosts consumer confidence.
Visa’s commitment to securing digital payments is evident through its investments in AI and fraud prevention technologies. The company blocked $40 billion in fraudulent payment value in the past year, an impressive feat that underscores its role in combatting cybercrime. This dedication helps to ensure a safer digital payment environment for consumers in KSA and beyond.
The findings from Visa’s Stay Secure study reveal a marked increase in consumer awareness and proactive measures concerning digital payment security in Saudi Arabia. This positive shift suggests that consumers are evolving alongside the growth of digital payments, enhancing their security practices and trusting the systems in place. Visa’s ongoing commitment to improving security through advanced technologies and consumer education will further bolster confidence within the digital payments landscape.
Original Source: techafricanews.com
