The Visa Stay Secure Study demonstrates increased consumer awareness and security in digital payments in Saudi Arabia. 97% of respondents take precautions against scams, while 73% trust digital payment methods. Despite concerns over vulnerabilities, proactive measures and education contribute to a growing confidence in the digital transactions landscape.
The recent Visa Stay Secure Study has revealed a significant increase in the awareness and proactive security measures adopted by consumers in Saudi Arabia regarding digital payments. The study, conducted among 5,800 adults across 17 markets, indicated that 97% of respondents in the Kingdom are now actively taking precautions to secure their online transactions, demonstrating a notable improvement in consumer behavior since the last study conducted in 2023.
While 43% of consumers acknowledge their susceptibility to scams, the rising adoption of stringent security measures reflects a shift towards more vigilant online behaviors. Many individuals are now adept at identifying potential scams and verifying the legitimacy of online interactions, showcasing an evolution in their approach to digital transactions.
With almost three-quarters (73%) of respondents expressing trust in digital payments, it is evident that user confidence is growing. Furthermore, 77% of consumers anticipate an increase in their use of digital payments over the coming year, indicating a positive outlook for the evolution of digital finance within the Kingdom.
As digital payments proliferate, the consumer education initiative takes center stage in the fight against fraud. “Consumer education is our best defense against fraud, and industry collaboration makes this possible,” stated Neil Fernandes, Visa’s Head of Risk for Middle East and North Africa. The modern consumer is keen to partner with organizations taking genuine initiatives to bolster their security.
Additionally, the study highlights the vital role that retailers and financial institutions play in reinforcing consumer trust in digital transactions. Ali Bailoun, Visa’s Regional General Manager for KSA, emphasized the importance of the findings in shaping industry strategies aimed at enhancing consumer protection in line with Saudi Arabia’s Vision 2030.
Key findings from the study reveal a concerning trend: almost half (43%) of consumers have fallen victim to scams, with 10% affected multiple times. Despite 62% expressing confidence in their ability to detect fraud, an overwhelming 96% are apprehensive that their loved ones may not be as vigilant.
Consumers are particularly alert to suspicious communication, particularly recognizing password requests linked to data breaches as significant red flags. The proactive measures include a staggering 97% engaging in practices to secure their transactions, with the majority refusing to respond to dubious emails and vigilantly monitoring their financial accounts for unusual activity.
The landscape of digital payments in Saudi Arabia is diverse, with mobile payments (66%), card transactions (63%), and bank transfers (56%) being widely used. Notably, 69% of respondents favor digital payments for their speed and ease, suggesting a trend toward more convenient financial methods.
With an increasing preference for mobile payments, the study revealed an opportunity for improvement in user experience as only 39% of adults utilize peer-to-peer payment options, with a mere 2% considering them the easiest method. Strengthening user trust remains paramount for industry leaders, as 88% of individuals feel more secure through identity confirmation processes such as text codes.
Visa is dedicated to fortifying digital security within the payments landscape, having invested $3.3 billion in AI and data infrastructure. In 2024, Visa is set to launch three innovative AI-powered risk and fraud prevention solutions aimed at reducing fraud considerably. Notably, Visa has blocked $40 billion in fraudulent payment value over the past year, signifying the effectiveness of their strategies to combat cybersecurity threats.
The Visa Stay Secure Study illustrates a significant enhancement in the security consciousness among consumers in Saudi Arabia regarding digital payments. With a majority expressing trust in digital payment methods and a commitment to adopting precautions against scams, the data reflects a constructive shift in user behavior. Visa’s continued investment in innovative solutions reinforces their commitment to security as digital payments evolve in alignment with Saudi Arabia’s financial aspirations.
Original Source: techafricanews.com
