Today's Edition
MAYS IBRAHIM (ABU DHABI)
A significant 99% of consumers in the UAE now actively take precautions to secure their online transactions, reflecting heightened awareness with the rise of digital payments, according to the ninth annual Stay Secure Study commissioned by Visa.
Its findings point to an increased adoption of security measures and a preference for stronger authentication compared to the 2023 edition. More users are identifying red flags and verifying online interactions, according to the report.
This heightened awareness is expected to further accelerate digital payment adoption in the UAE. The study revealed that 77% of respondents express a high level of trust in digital payments, and 81% anticipate increasing their usage over the next year.
"The digital payments landscape is evolving rapidly, and consumers across the UAE are embracing its convenience while becoming more vigilant about security," Charles Lobo, Senior Vice President, Regional Risk Officer, Central and Eastern Europe, Middle East, and Africa (CEMEA), Visa, said in a statement made available to Aletihad.
"Consumer education is our best defence against fraud, and industry collaboration makes this possible. As scams grow more sophisticated, the battle for security never stops. Consumers increasingly trust partners who take tangible steps to protect them."
The Visa Stay Secure study, conducted by Wakefield Research in December 2024, surveyed 5,800 adults across 17 CEMEA markets.
Despite improved security awareness, its findings revealed that nearly 49% of UAE consumers have fallen victim to scams, with 15% experiencing multiple incidents.
Common scams include fraudulent requests to transfer money, reported by 62% of respondents. However, only 30% acknowledge personal responsibility for falling victim, while 55% attribute blame to external factors.
While 59% of surveyed consumers express confidence in spotting fraud, 92% worry about their family and friends being targeted. Gen X digital payment users are perceived as the most vulnerable, with 90% of respondents believing they are at higher risk of scams.
The study also showed that UAE consumers are particularly cautious about suspicious messages and phishing attempts. The most alarming red flag is a request to reset passwords or account details due to a data breach, with 68% ranking it among the top three most suspicious tactics.
The most popular digital payment methods used by UAE consumers include card payments (67%), followed by mobile payments (59%), and bank transfers via mobile banking apps or platforms (59%), according to the study.
Seventy per cent of consumers find digital payment quicker and simpler, while 66% appreciate their round-the-clock accessibility. Mobile payments, in particular, are seen as one of the most secure options.
As digital payments continue to gain traction, businesses can build consumer trust by implementing additional security measures. The study found that 86% of consumers feel safer when required to confirm purchases via text codes or link.
