Increased Vigilance Among KSA Consumers Against Digital Payment…

Visa’s Stay Secure Study shows that 97% of Saudi consumers are taking proactive security measures against digital payment scams. Despite 43% having fallen victim to scams, there is a marked increase in awareness and trust in digital payments, with 77% planning to use them more in the coming year. The report underscores the importance of consumer education and industry collaboration in combating fraud and enhancing security.

A recent study by Visa, the ninth annual Stay Secure study, indicates a significant rise in consumer awareness regarding digital payment security in Saudi Arabia. Conducted among 5,800 adults across 17 CEMEA markets, the study reveals that 97% of KSA consumers actively implement measures to safeguard their online transactions, reflecting a growing sophistication in navigating digital payments.

The report highlights that while 43% of Saudi consumers acknowledge their susceptibility to scams, a noticeable shift towards stronger security measures has occurred since the previous edition. There is an increasing trend of consumers identifying potential red flags and verifying online interactions, demonstrating an enhanced awareness of digital threats.

Positive insights from the research suggest a robust future for digital payments in KSA, with 73% of respondents expressing a high level of trust in such transactions. Furthermore, 77% anticipate an increase in their utilization of digital payment methods within the upcoming year.

As the digital payments landscape continues to evolve, consumer education plays a pivotal role in preventing fraud. Visa officials emphasize that as scams become more sophisticated, vigilance and collaborative efforts are crucial to enhancing security measures.

Neil Fernandes, Visa’s Head of Risk for the Middle East and North Africa, notes, “Consumer education is our best defense against fraud, and industry collaboration makes this possible.” Ali Bailoun, Visa’s Regional General Manager, states that the study offers valuable insights for enhancing consumer trust in the payments system, contributing positively to the Saudi government’s Vision 2030 cashless initiative.

The study outlines several key findings regarding consumer behavior towards digital payments:
1. Falling for Scams: Despite increased sophistication, 43% of surveyed consumers have been victims of scams, with 10% suffering multiple incidents.
2. Vulnerable Loved Ones: While consumers feel confidence in their capability to detect fraud (62%), 96% express concern that their family and friends may be more susceptible.
3. Detecting Fraudsters: Respondents exhibit wariness towards suspicious emails or texts, particularly requests to reset passwords due to breaches, which 71% identify as major red flags.
4. Taking Precautions: Virtually all respondents (97%) engage in protective measures, such as refraining from responding to suspicious emails (60%) and monitoring bank statements (44%).
5. Rising Digital Payments: Popular methods among KSA consumers include mobile payments (66%) and card payments (63%), with many preferring the swift convenience of digital transactions.
6. Comfort in Digital Payments: Mobile payments are recognized as secure, although there is an opportunity to enhance the peer-to-peer payment experience, currently favored by only 39% of consumers.
7. Building Trust: Trust dynamics can be strengthened by requiring transaction confirmations through text codes or visible security badges, with 88% of consumers feeling more secure with these measures.

Visa’s ongoing commitment to a secure digital payments ecosystem is demonstrated through its substantial $3.3 billion investment in AI and data infrastructure over the past decade. In 2024, Visa will introduce new AI-driven solutions to combat fraud and enhance transaction security.

With a robust commitment to reducing fraud, Visa has successfully blocked significant amounts of fraudulent transactions, indicative of its effective strategies in combating cybercrime and furthering consumer trust in digital payments.

In summary, Visa’s Stay Secure Study reveals a growing awareness among Saudi Arabian consumers regarding digital payment security, with an impressive 97% engaging in protective measures against scams. As the digital payments sector expands, the emphasis on consumer education and industry collaboration is essential. With Visa implementing advanced AI-driven fraud prevention solutions, the future of secure digital transactions appears promising. The findings highlight not only a shift in consumer behavior but also the need for continued efforts to build and maintain trust in digital payment systems.

Original Source: techafricanews.com