Visa’s latest Stay Secure Study highlights a significant rise in security awareness among Saudi Arabian consumers regarding digital payments. With 97% taking precautions against scams and 73% trusting digital payment platforms, there is a notable improvement in consumer behavior towards online transactions. The findings also underscore the need for educational initiatives and collaboration among industry players to enhance security in the digital payment landscape.
A recent study commissioned by Visa, titled the ninth annual Stay Secure Study, highlights a significant increase in consumer awareness and security measures regarding digital payments in the Kingdom of Saudi Arabia (KSA). According to the study, which surveyed 5,800 adults across 17 CEMEA markets, 97% of KSA consumers actively implement precautions to safeguard their online transactions, reflecting a heightened awareness as digital payments become more prevalent.
Despite 43% of Saudi respondents acknowledging their vulnerability to scams, there is a notable shift towards adopting stronger security measures and authentication preferences. The study reveals that consumers are increasingly knowledgeable about recognizing potential scams and verifying the legitimacy of online interactions, indicating a positive trend in consumer behavior since the last edition of the study in 2023.
The findings suggest a favorable outlook for the growth of digital payments in KSA; approximately 73% of respondents exhibit a substantial degree of trust in digital transactions. Furthermore, 77% anticipate increasing their utilization of digital payments within the next year, demonstrating a growing acceptance of this mode of transaction.
The study emphasizes the necessity of consumer education in fighting fraud, underscoring how industry collaboration enhances security. “Consumer education is our best defense against fraud, and industry collaboration makes this possible,” stated Neil Fernandes, Head of Risk for Middle East and North Africa at Visa. Additionally, Ali Bailoun, Regional General Manager for Visa in KSA, emphasized the crucial role of retailers and financial institutions in fostering consumer trust in digital payment systems.
Key insights reveal that 43% of surveyed consumers in KSA have fallen for a scam, with 10% being repeat victims. Furthermore, 62% feel confident in recognizing fraud, yet 96% express concern that their loved ones may fall victim. Consumers display heightened vigilance towards suspicious messages, especially when the communication involves resetting passwords, which 71% identify as a major scam indicator.
In terms of preventive measures, 97% of respondents take steps to secure their digital transactions. This includes 60% refusing emails soliciting money transfers on behalf of others and 58% withholding sharing personal credentials. The data illustrates a strong preference for various digital payment methods, with mobile payments (66%) and card payments (63%) being the most common choices among consumers.
As digital payment usage becomes more widespread, businesses can cultivate trust by implementing additional verification steps, such as text code confirmations. The study indicates that 88% of KSA consumers feel safer when their identity needs to be confirmed via text, and 50% appreciate visible security icons.
Visa is committed to enhancing digital security, having invested $3.3 billion in AI and data infrastructure over the past decade. In 2024, Visa introduced new AI-driven risk and fraud prevention solutions to counteract fraud effectively. The company has also demonstrated its ability to combat cybercrime, having blocked $40 billion in fraudulent payment value and prevented 80 million fraudulent transactions last year.
In conclusion, the Visa Stay Secure Study reveals substantial advancements in consumer awareness and behaviors related to digital payment security in Saudi Arabia. With nearly all surveyed participants adopting precautionary measures, there is a clear indication of growing trust in digital transactions. As the landscape continues to evolve, collaboration among industry participants is vital in fostering a secure environment for consumers, aligning with Saudi Arabia’s Vision 2030 for a cashless economy.
Original Source: techafricanews.com
