Visa study reveals 94% of Kuwait's consumers taking extra precautions with digital payments
KUWAIT CITY - Visa released a recent study showing increased consumer awareness and heightened precautionary measures when making digital payments in Kuwait, reports Al-Seyassah daily. The ninth annual 'Stay Secure' study surveyed 5,800 adults across 17 markets in the Central Europe, Middle East, and Africa (CEMEA) region.
The study revealed that 94 percent of consumers in Kuwait are taking additional precautions to secure their digital transactions, reflecting a growing awareness in line with the sector's significant momentum.
Nearly 44 percent of survey respondents in Kuwait reported having limited experience with detecting fraud. However, the increased adoption of precautionary measures and a preference for more secure authentication methods indicate a clear positive shift in consumer behavior compared to the previous 'Stay Secure' study in 2023. Consumers are now better equipped to recognize warning signs and verify the legitimacy of online transactions, signaling a significant rise in digital awareness. The study also highlights strong growth in the adoption of digital payments in Kuwait.
About 80 percent of respondents expressed full or partial confidence in digital payment methods, while 79 percent expected their use of digital payments to increase over the next year. Head of Risk for the Middle East and North Africa at Visa, Neil Fernandez, said: 'The digital payments arena is rapidly evolving, and consumers in Kuwait are demonstrating a strong willingness to adopt digital payment methods while becoming more aware of the importance of taking precautionary measures. Educating consumers about fraudulent methods is the most important line of defense against these threats, and collaboration with industry partners is important for achieving this goal. Fraudulent attacks are evolving and becoming more sophisticated over time, which underscores the need to redouble efforts to ensure the security of digital transactions.'
Meanwhile, Visa's Vice President and General Manager for Kuwait and Qatar, Shashank Singh, said: 'We are pleased to launch Visa's latest 'Stay Secure' study in Kuwait, which highlights the important role that retailers and financial institutions play in building and maintaining customer trust in digital payments. 'The study provides valuable insights that will help inform industry strategies to enhance customer trust, ensure the security of the digital payments system, and support the Kuwaiti government's efforts to build a resilient digital economy. 'The 'Stay Secure' study sheds light on customer preferences, offering Visa important information to develop trust-building strategies and educational materials that empower customers to detect fraud.' In addition, Visa's 'Stay Secure' study in Kuwait revealed that as reliance on digital payments grows, the scope of fraud is also expanding, with nearly half of consumers (44 percent) in Kuwait having fallen victim to fraud.
Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).
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