Latest news with #CharlesLobo
Arab Times
13-04-2025
- Business
- Arab Times
Kuwait steadily progressing toward a developed, secure digital environment: Visa official
KUWAIT CITY, April 13: A senior executive at Visa has praised Kuwait for its significant strides in building a secure and advanced digital environment. Speaking to the Kuwait News Agency (KUNA) on Sunday, Charles Lobo, Senior Vice President and Regional Risk Officer for Central and Eastern Europe, the Middle East, and Africa (CEMEA) at Visa, highlighted the country's progress in securing its digital payment systems. Lobo noted that the Central Bank of Kuwait (CBK) has played a pivotal role by enforcing stringent regulatory guidelines for digital payments. These regulations ensure proper governance, risk management, cybersecurity, and customer protection, contributing to a robust digital infrastructure that enhances trust in electronic transactions and aligns with global best practices. He emphasized that Kuwait's digital transformation strategy is a key pillar of its sustainable development, particularly in driving growth in the digital economy. The payments sector in the country, he added, is rapidly evolving due to rising consumer demand and the government's cashless agenda. Referring to Visa's recent 'Stay Secure' study, Lobo revealed that 8 in 10 consumers in Kuwait trust digital payments and intend to use them more frequently in the future. He also highlighted that Kuwait leads the Gulf Cooperation Council (GCC) countries in digital payment adoption, with a 92% tokenization rate and a 99% contactless payment usage rate—indicators of strong consumer confidence and growing retailer engagement. Lobo commended the collaboration between Kuwait's public and private sectors in the digital payments space. He stressed that this cooperation is essential for Kuwait to maintain its global leadership in financial technology and innovation. The 'Stay Secure' study further revealed that 94% of Kuwaiti consumers take active steps to secure their payments. Additionally, 53% refuse requests to transfer money on behalf of others via email and avoid sharing card or account details. Around 40% have activated SMS alerts to monitor account activity. Despite high awareness levels, challenges persist. According to the study, 44% of consumers have experienced fraud, and 14% have been victims of multiple incidents. However, 91% of consumers reported feeling safer when transactions require identity verification codes, and 55% said they prefer clear security icons—signaling the continued need for consumer education and awareness. Lobo reaffirmed Visa's strong presence and collaborative efforts in Kuwait's payments ecosystem. The company works closely with the government, CBK, banks, and fintech firms to implement stringent security standards and support fraud prevention initiatives. Visa is also partnering with the Kuwait Banking Association to launch consumer awareness campaigns and promote secure payment practices. In addition, Visa is enhancing its partnerships with banks to integrate artificial intelligence in fraud detection and provide safer, more secure payment solutions, especially in the retail sector. Lobo highlighted the company's advocacy for contactless payments and digital wallets as part of a seamless, modern payment experience. He underscored Visa's commitment to cybersecurity, noting that the company has invested over $10 billion globally in the last five years to strengthen digital payment systems. This includes the use of CyberSource, a secure payment platform based on tokenization that replaces sensitive card data with unique identifiers. Since its acquisition in 2010, CyberSource has helped safeguard $40 billion in e-commerce revenue and prevent $650 million in fraud.
Al Etihad
19-03-2025
- Business
- Al Etihad
Majority of UAE consumers are security-conscious amid rise in digital payments
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.
Zawya
18-03-2025
- Business
- Zawya
Visa Stay Secure: Consumers embrace security measures as digital payments adoption is set to grow in the UAE
77% of respondents trust digital payments and 81% expect to use them more in the next 12 months 86% of respondents in the UAE feel more secure making online payments when required to enter a text code or click a link to confirm their identity Dubai, UAE: A new study commissioned by Visa reveals a rise in consumer awareness and proactive security measures for digital payments in the United Arab Emirates (UAE). The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 CEMEA markets, found that 99% of consumers in the UAE now actively take precautions to secure their online transactions, showcasing increased savviness as digital payments gain momentum. While nearly half (49%) of surveyed consumers in the UAE acknowledge their vulnerability to scams, the increased adoption of security measures and preference for stronger authentication indicate a positive shift in consumer behavior since the last edition of the Stay Secure study in 2023. Consumers are now actively spotting red flags and verifying the legitimacy of online interactions, showing a marked increase in awareness. Other key insights emerging from the research bode well for the continued acceleration of digital payments in the UAE, with over three-quarters (77%) of all respondents stating that they mostly or completely trust digital payments. Eighty-one percent (81%) of respondentssurveyed anticipate that they will increase their use of digital payments 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," said Charles Lobo, Senior Vice President, Regional Risk Officer, Central and Eastern Europe, Middle East, and Africa (CEMEA), Visa. "Consumer education is our best defense 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.' 'We are delighted to launch Visa's latest Stay Secure research for the UAE which underscores the important role retailers and financial institutions play in building and maintaining consumer trust in digital payments. Our latest research provides valuable insights that can inform industry strategies to enhance consumer trust and protect the payments system and support the UAE government's efforts to grow the digital economy," said Salima Gutieva, Visa's VP and Country Manager for UAE. The Stay Secure study highlights evolving consumer preferences, which could offer Visa's stakeholders actionable intelligence for trust-building strategies and inform the creation of educational materials to empower consumers against fraud. Key Findings of the Visa Stay Secure Study in the UAE: Falling for scams. With growing reliance on digital payments, scams continue to proliferate. Nearly half (49%) of consumers in the UAE have fallen for a scam, with 15% being victims on multiple occasions. For example, 62% have been approached by someone requesting them to transfer money on their behalf. Despite this, only 30% admit to being primarily responsible for falling victim to a scam, while 55% believe others are to blame. Vulnerable Loved Ones. While 59% of surveyed consumers in the UAE have some degree of confidence in their own ability to spot fraud, 92% worry their family or friends might fall for a scam. Ninety percent (90%) believe that Gen X [1] digital payment users are most likely to get scammed online. Detecting Fraudsters. Consumers are highly wary of suspicious text messages or emails, recognizing these as potential scams designed to steal their money. The biggest red flag for fraud is a request to reset passwords or account information due to a data breach, with 68% of respondents ranking it as one of the top three most suspicious messages. Taking Precautions. Nearly all (99%) surveyed consumers in the UAE remain cautious about suspicious requests. 61% decline to respond to emails asking them to transfer money on someone else's behalf, while 59% refrain from sharing card or account credentials. Forty-eight percent (48%) have set up text message alerts that notify them of any account transactions. Rising Digital Payments. Consumers in the UAE use a variety of digital payment methods, the most common being card payments (67%), mobile payments (59%), and bank transfers via mobile banking apps or platforms (59%). Seventy percent (70%) of respondents find digital payments quicker and simpler than other methods and 66% appreciate that they allow payments anytime, anywhere. Comfort in Digital Payments. Mobile payments are also seen as one of the most secure digital payment methods. Meanwhile, peer-to-peer (P2P) payments are used by 34% of adults in the UAE, yet only 5% consider them the easiest payment option. This highlights an opportunity to improve the user experience and simplify the process for greater adoption. Building Trust. As digital payments gain traction, retailers, banks, and payment processors can build trust by requiring users to confirm purchases via texted codes or links and displaying trusted security badges. Eighty-six percent (86%) of consumers in the UAE feel safer when they must confirm their identity through a text code, while more than half (56%) appreciate visible security icons. Visa's Commitment to a Secure Digital Future Visa has been at the center of AI in payments, investing $3.3 billion in our AI and data infrastructure over the last decade. In 2024, it introduced three new AI-powered risk and fraud prevention solutions, as part of the Visa Protect suite, that are designed to help reduce fraud across immediate A2A and card-not-present (CNP) payments, as well as transactions on and off Visa's network. As the world's largest SaaS platform, Visa combats cybercrime by deploying cutting-edge tools, expertise, and processes to help identify and mitigate fraud. The impact is undeniable: In the past year, Visa blocked $40 billion in fraudulent payment value, prevented 80 million fraudulent transactions, and averted over $122 million in estimated e-commerce fraud through malware detection. -Ends- About the Visa Stay Secure Study The Visa Stay Secure study was conducted by Wakefield Research in December 2024. It involved a survey of 5,800 adults aged 18 years and over across 17 CEMEA markets. Sample sizes included 300 per market, with increased representation in Egypt (600), Pakistan (500), and Nigeria (500). About Visa Inc. Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Media Contact: Kate Korobkova [1] Gen X is the demographic cohort of people aged 44 to 59 years old.
Khaleej Times
18-03-2025
- Business
- Khaleej Times
Nearly half of UAE consumers have fallen for a scam, study shows
Nearly half (49 per cent) of consumers in the UAE have fallen for a scam, with 15 per cent being victims on multiple occasions, a study showed on Tuesday. A new study commissioned by Visa reveals that while 59 per cent of surveyed consumers in the UAE have some degree of confidence in their own ability to spot fraud, 92 per cent worry their family or friends might fall for a scam. Ninety percent (90 per cent) believe that Gen X digital payment users are most likely to get scammed online. The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 CEMEA markets, found that 99 per cent of consumers in the UAE now actively take precautions to secure their online transactions, showcasing increased savviness as digital payments gain momentum. With growing reliance on digital payments, scams continue to proliferate. For example, 62 per cent have been approached by someone requesting them to transfer money on their behalf. Despite this, only 30 per cent admit to being primarily responsible for falling victim to a scam, while 55 per cent believe others are to blame. The increased adoption of security measures and preference for stronger authentication indicate a positive shift in consumer behaviour since the last edition of the Stay Secure study in 2023. Consumers are now actively spotting red flags and verifying the legitimacy of online interactions, showing a marked increase in awareness. Other key insights emerging from the research bode well for the continued acceleration of digital payments in the UAE, with over three-quarters (77 per cent) of all respondents stating that they mostly or completely trust digital payments. Eighty-one percent (81 per cent) of respondents surveyed anticipate that they will increase their use of digital payments 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,' said Charles Lobo, senior vice president, regional risk officer, Central and Eastern Europe, Middle East, and Africa (CEMEA), Visa. 'Consumer education is our best defense 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.' 'We are delighted to launch Visa's latest Stay Secure research for the UAE which underscores the important role retailers and financial institutions play in building and maintaining consumer trust in digital payments. Our latest research provides valuable insights that can inform industry strategies to enhance consumer trust and protect the payments system and support the UAE government's efforts to grow the digital economy,' said Salima Gutieva, Visa's VP and Country Manager for UAE. The Stay Secure study highlights evolving consumer preferences, which could offer Visa's stakeholders actionable intelligence for trust-building strategies and inform the creation of educational materials to empower consumers against fraud. Consumers are highly wary of suspicious text messages or emails, recognizing these as potential scams designed to steal their money. The biggest red flag for fraud is a request to reset passwords or account information due to a data breach, with 68 per cent of respondents ranking it as one of the top three most suspicious messages. Nearly all (99 per cent) surveyed consumers in the UAE remain cautious about suspicious requests. 61 per cent decline to respond to emails asking them to transfer money on someone else's behalf, while 59 per cent refrain from sharing card or account credentials. Forty-eight percent (48 per cent) have set up text message alerts that notify them of any account transactions. Consumers in the UAE use a variety of digital payment methods, the most common being card payments (67 per cent), mobile payments (59 per cent), and bank transfers via mobile banking apps or platforms (59 per cent). Seventy percent (70 per cent) of respondents find digital payments quicker and simpler than other methods and 66 per cent appreciate that they allow payments anytime, anywhere. Mobile payments are also seen as one of the most secure digital payment methods. Meanwhile, peer-to-peer (P2P) payments are used by 34 per cent of adults in the UAE, yet only 5 per cent consider them the easiest payment option. This highlights an opportunity to improve the user experience and simplify the process for greater adoption. As digital payments gain traction, retailers, banks, and payment processors can build trust by requiring users to confirm purchases via texted codes or links and displaying trusted security badges. Eighty-six per cent of consumers in the UAE feel safer when they must confirm their identity through a text code, while more than half (56 per cent) appreciate visible security icons.
