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Scotsman
a day ago
- Business
- Scotsman
Landmark Digital Economy report reveals over half of Brits fear deepfake fraud while online shopping
New research by YouGov commissioned by a leading global digital payments platform, reveals growing trends amongst British consumers related to the perceived threats AI poses to their security and wellbeing when shopping online. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Nearly two thirds of people (61%) admit to being concerned about privacy when online shopping. Deepfakes specifically are a source of concern for those buying online. More than half (56%) of consumers are worried they could be scammed by deepfakes, increasing to 64% for the Baby Boomer generation. 54% of adults are also wary of having their image stolen and used to create deepfakes that can be used to make online purchases. commissioned the research to better understand the scale of the consumer trust gap on behalf of its global merchant network. Over 2,000 adults living in the UK were surveyed (as part of a global study of 18,000) and their responses were combined with consumer and merchant interviews, as well as data from network, to form the Trust In The Digital Economy 2025 Report. Advertisement Hide Ad Advertisement Hide Ad The research also found that UK consumer mistrust extends beyond deepfakes. Over half (54%) of the adult population are worried about AI-generated social engineering content being used to target them with fraud and scams. Meanwhile, 40% of UK adults worry their shopping data could be used by AI to target them and influence their political opinions. Despite these fears, there is an appetite from consumers for AI use in the digital economy, with the main driver being increased convenience and discovery. More than a quarter of Brits (26%) currently trust and use AI tools for visual searches when browsing online, while 22% use AI voice search. Consumers are also open to using Generative AI and search technology for comparing merchants online, with half saying that AI search significantly informs which online retailers they choose to use. Retail (50%) is by far the most popular industry for AI search results influencing their decisions but, significantly, online travel (22%), online insurance (22%) and food delivery services (16%) are also being chosen based on AI search results. Interestingly, when looking at industries that have digital origins, such as fintech apps and online gaming, AI search results are being used by fewer consumers - 10% and 9% respectively. Advertisement Hide Ad Advertisement Hide Ad Looking to the future, AI generated price monitoring and alerts have piqued the public's interest. More than a quarter (26%) have not yet tried this technology, but would like to do so. However, consumers are not yet ready to hand over complete control to AI for recommendations on what to buy. Nearly half (46%) would not trust personalised product recommendations from generative AI tools to help them and will not be trying it in the future. Jenny Hadlow, Chief Operating Officer at comments, 'It's interesting to see where trust is and isn't established with consumers when it comes to AI and participation in the digital economy. Trust in digital commerce is crucial for both customer and seller confidence, where both parties must believe the other is who they say they are, and will make good on the transaction. 'The consumer perceptions of AI suggest that wider societal dangers are impacting people's perception of threats when shopping online. AI is a relatively new evolution in online shopping. A lack of consumer familiarity, alongside headlines such as people falling foul of financial scams as a result deepfake impersonations will, of course, be a reasonable cause for caution. However, when people see a practical benefit for the use of AI in online shopping, they are in control of the data being used and the use case is familiar to them, we're seeing an appetite to adopt it.' It is not just consumers who are worried about AI's impact on the digital economy. Merchants are also looking at the risks posed by deepfakes, face reenactments, synthetic identity scams, and real-time phishing. Advertisement Hide Ad Advertisement Hide Ad Julie Fergerson, CEO of the Merchant Risk Council, explains, 'For merchants, trust in the digital economy hinges on three key priorities: increasing acceptance, reducing fraud, and delivering the best possible customer experience. These priorities shape every decision merchants make, yet the rising tide of increasingly sophisticated fraud and scams threatens to erode consumer trust. I believe fraud will escalate dramatically over the next three years. Right now, we are merely patching cracks in a dam, but sooner or later the structure will break, forcing us to rebuild swiftly. To stay ahead, merchants, issuers, and payment providers must anticipate fraud trends and prepare accordingly.' Jenny Hadlow, Chief Operating Officer, 'There's a dual recognition and perception of AI threats from consumers and merchants. Therefore, to foster trust in the age of AI, it is vital that safeguards to both protect consumers and merchants from online scams are implemented across the board. Once we have this and trust is cemented on both sides, widespread AI adoption in online commerce will become a reality.
Yahoo
3 days ago
- Business
- Yahoo
Billionaire tech founder quits Britain for Monaco
A billionaire tech founder has abandoned Britain for Monaco in the wake of Rachel Reeves's tax crackdown. Guillaume Pousaz, the Swiss founder of payments business shifted his country of residence to the tax haven last month, according to Companies House filings. Mr Pousaz is leaving the UK just over a year after he moved to London from Dubai, as he joins a growing exodus of wealth creators. However, with an estimated personal fortune of $6bn (£4.44bn), Mr Pousaz is one of the richest entrepreneurs to quit Britain since Labour came to power last year. It comes after the Chancellor launched a £1bn crackdown on non-doms and increased taxes on capital gains as part of last year's Budget. This led to a record 10,800 millionaires leaving Britain in 2024, according to data from Henley & Partners. This includes Richard Gnodde, the vice chairman of Goldman Sachs in Europe, who left London for Milan earlier this year. Billionaire property investors Ian and Richard Livingstone have also swapped London for Monaco in protest against Labour's tax raid. And Lakshmi Mittal, the steel magnate, is also considering leaving the UK. The exodus could prove costly for the Chancellor, as the Centre for Economics and Business Research predicts that the Exchequer risks losing £12.2bn by the end of 2030 if half of Britain's non-doms leave. Mr Pousaz has abandoned Britain after turning Checkout into one of London's most valuable start-ups. After founding the UK-headquartered business in 2009, he achieved a $40bn valuation in 2022 after completing a $1bn fundraise. Among its early customers were adult websites such as OnlyFans, although it now works with dozens of online retailers and cryptocurrency businesses. Meanwhile, Mr Pousaz , 43, will join the likes of Ineos founder Sir Jim Ratcliffe among Monaco's super-rich residents. Jason Hollands, managing director of financial advisers Evelyn Partners, said earlier this year that Labour's crackdown on non-doms, who live in the UK but have their permanent tax addresses registered abroad, made Britain appear 'hostile to wealthy people'. Checkout declined to comment. A spokesman for Mr Pousaz's family office said: 'This is a private matter and we will not be commenting.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Billionaire Checkout CEO Shifts Residence From UK to Monaco
Guillaume Pousaz, the billionaire founder of online payments firm has joined a surge in ultra-wealthy individuals shifting their residence away from the UK amid tax hikes on the nation's wealthy. Pousaz, 43, now lists Monaco as his usual residence after previously relocating to the UK from the United Arab Emirates, according to UK registry filings released Tuesday. The Swiss native has a net worth of about $5.6 billion through his London-based technology company, according to the Bloomberg Billionaires Index.
Yahoo
3 days ago
- Business
- Yahoo
Billionaire tech founder quits Britain for Monaco
A billionaire tech founder has abandoned Britain for Monaco in the wake of Rachel Reeves's tax crackdown. Guillaume Pousaz, the Swiss founder of payments business shifted his country of residence to the tax haven last month, according to Companies House filings. Mr Pousaz is leaving the UK just over a year after he moved to London from Dubai, as he joins a growing exodus of wealth creators. However, with an estimated personal fortune of $6bn (£4.44bn), Mr Pousaz is one of the richest entrepreneurs to quit Britain since Labour came to power last year. It comes after the Chancellor launched a £1bn crackdown on non-doms and increased taxes on capital gains as part of last year's Budget. This led to a record 10,800 millionaires leaving Britain in 2024, according to data from Henley & Partners. This includes Richard Gnodde, the vice chairman of Goldman Sachs in Europe, who left London for Milan earlier this year. Billionaire property investors Ian and Richard Livingstone have also swapped London for Monaco in protest against Labour's tax raid. And Lakshmi Mittal, the steel magnate, is also considering leaving the UK. The exodus could prove costly for the Chancellor, as the Centre for Economics and Business Research predicts that the Exchequer risks losing £12.2bn by the end of 2030 if half of Britain's non-doms leave. Mr Pousaz has abandoned Britain after turning Checkout into one of London's most valuable start-ups. After founding the UK-headquartered business in 2009, he achieved a $40bn valuation in 2022 after completing a $1bn fundraise. Among its early customers were adult websites such as OnlyFans, although it now works with dozens of online retailers and cryptocurrency businesses. Meanwhile, Mr Pousaz , 43, will join the likes of Ineos founder Sir Jim Ratcliffe among Monaco's super-rich residents. Jason Hollands, managing director of financial advisers Evelyn Partners, said earlier this year that Labour's crackdown on non-doms, who live in the UK but have their permanent tax addresses registered abroad, made Britain appear 'hostile to wealthy people'. Checkout declined to comment. A spokesman for Mr Pousaz's family office said: 'This is a private matter and we will not be commenting.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Etihad
6 days ago
- Business
- Al Etihad
UAE leads MENA's digital growth with 320% rise in online shopping: Checkout.com
25 May 2025 23:05 SARA ALZAABI (ABU DHABI) has released its fifth annual report, titled "The State of Digital Commerce in MENA 2025 – Trends That Matter: Insights into Changing Consumer Behaviour".The report gives a comprehensive look at digital transformation in MENA, drawing on five years of date, with a focus on consumer insights, regulation shifts and technological reaffirms the UAE's position as a world leader in digital transformation and fintech adoption, ranking it as one of the most advanced digital economies in the on the study, Remo Giovanni Abbondandolo, General Manager, MENA at said that "the region is not catching up, it is leading the world". "MENA is one of the most exciting places in digital commerce, and we are proud to help turn innovation into real impact," he purchases have surged by 320% in the UAE, by 300% in Saudi Arabia, and by 275% in Egypt since 2020, according to the this timeframe, noted a 626% increase in total processing volume globally, with the UAE registering a 1333% surge and 177% year-on-year growth, from 2023 to 2024, respectively."Fast, secure, intelligent payments are now a key differentiator," added said companies that thrive in this environment see payments as a product, not infrastructure, and one integral to every touchpoint in the user report is based on a and YouGov survey of 18,000 adults from around 16 countries (UAE, Saudi Arabia, Egypt and other global markets), and findings were corroborated with network data from (gathered from billions of transactions and fraud trends).Beyond daily shopping, more consumers were turning to digital platforms for their routine purchases, with food delivery leading the way as the top-performing vertical capturing a 57% share of online purchases, while clothing and fashion came in second with a 48% of online spending, and travel snapping the third place at 38%. This underscores the diverse and dynamic nature of the UAE's e-commerce landscape, not only in terms of volume, but in the wide range of goods and services that consumers are now confident in purchasing online, the study trend is expected to continue, with 62% of UAE shoppers confirming that they will increase their online purchases in report found that traditional cash-on-delivery usage has fallen by 53% since 2020, as more people trade 42% of consumers in the UAE send money weekly with digital wallets, and 35% are actively using fintech platforms for investment and wealth intelligence (AI) adoption was on the up; 46% of shoppers were using generative chat tools to enhance their experience and 37% were using visual search AI to help them find products digital shift is also affecting in-store habits; 44% of consumers searched online for alternatives whilst in-store have responded by embedding QR code discounts and AR product previews in digital transactions increase, security concerns are rising percentage of UAE consumers reporting online fraud jumped from 35% in 2023 to 57% in 2024, and 23% have abandoned shopping carts due to concerns over data security. Consequently, businesses are taking advanced technologies like machine learning, behavioural biometrics and real-time anomaly detection for consumer protection in a big way.
