Latest news with #StaySecure
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.
Zawya
24-03-2025
- Business
- Zawya
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. ( arabtimes
Arab Times
23-03-2025
- Business
- Arab Times
Visa study reveals 94% of Kuwait's consumers taking extra precautions with digital payments
KUWAIT CITY, March 23: 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.
Observer
19-03-2025
- Business
- Observer
Consumers in Oman taking precautions to secure payments: Survey
Muscat - A new study commissioned by Visa reveals a rise in consumer awareness and proactive security measures for digital payments in Oman. The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 diverse CEMEA markets, found that 98% of consumers in Oman now actively take precautions to secure their online transactions, showcasing increased savviness as digital payments gain momentum. While over half (59%) of surveyed consumers in Oman 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 Oman, with over three-quarters (76%) of all respondents stating that they mostly or completely trust digital payments. Eighty-three percent (83%) of surveyed consumers anticipate that they will increase their use of digital payments over the next year. "The digital payments landscape is evolving rapidly, and consumers across Oman are embracing its convenience while becoming more vigilant about security," said Neil Fernandes, Visa's Head of Risk for Middle East and North Africa. "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 Oman 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 protect the payments system and support the Oman government's efforts to grow the digital economy," said Manish Gautam, Visa's Country Manager for Oman. Falling for Scams. With growing reliance on digital payments, scams continue to proliferate. Over half (59%) of consumers in Oman have fallen for a scam, with 6% being victims on multiple occasions. For example, 73% have been approached by someone requesting them to transfer money on their behalf. Despite this, only 38% admit to being primarily responsible for falling victim to a scam, while 55% believe others are to blame. While 51% of surveyed consumers in Oman have some degree of confidence in their ability to spot fraud, 99% worry their family or friends might fall for a scam. Eighty-one percent (81%) believe that Gen X digital payment users are most likely to get scammed online. 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 60% of respondents ranking it as one of the top three most suspicious messages. Nearly all (98%) surveyed consumers in Oman take measures to secure their payments. Fifty-six percent (56%) decline to respond to emails asking them to transfer money on someone else's behalf, while 52% refrain from sharing card or account credentials. Forty-six percent (46%) have set also up text message alerts that notify them of any account transactions. Consumers in Oman use a variety of digital payment methods, the most common being mobile payments (60%), bank transfers via mobile banking apps or platforms (56%), and card payments (55%). Sixty-five percent (65%) of the respondents find digital payments quicker and simpler than other methods, and 60% 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 43% of adults in Oman, yet only 7% 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-five percent (85%) of the consumers in Oman feel safer when they must confirm their identity through a text code, while nearly half (47%) value visible security icons.
Biz Bahrain
19-03-2025
- Business
- Biz Bahrain
Visa Stay Secure: Consumers Embrace Security Measures as Digital Payments Adoption is Set to Grow in Bahrain
A new study commissioned by Visa reveals a rise in consumer awareness and proactive security measures for digital payments in Bahrain. The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 diverse CEMEA markets, found that 97% of consumers in Bahrain now actively take precautions to secure their online transactions, showcasing increased savviness as digital payments gain momentum. While over half (52%) of surveyed consumers in Bahrain 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 Bahrain, with almost three-quarters (70%) of all respondents stating that they mostly or completely trust digital payments. Seventy-three percent (73%) 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 Bahrain are embracing its convenience while becoming more vigilant about security,' said Neil Fernandes, Visa's Head of Risk for Middle East and North Africa. '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 Bahrain 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 Bahrain government's efforts to grow the digital economy,' said Ahmed ElKaffass, Visa's Country Manager for Bahrain. 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 Bahrain: Falling for scams. With growing reliance on digital payments, scams continue to proliferate. More than half (52%) of consumers in Bahrain have fallen for a scam, with 12% 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 57% believe others are to blame. Vulnerable Loved Ones. While 51% of surveyed consumers in Bahrain have some degree of confidence in their own ability to spot fraud, 96% worry their family or friends might fall for a scam. Eighty-five percent (85%) believe that Gen X 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 65% of respondents ranking it as one of the top three most suspicious messages. Taking Precautions. Nearly all (97%) surveyed consumers in Bahrain take measures to secure their payments. Fifty-five percent (55%) decline to respond to emails asking them to transfer money on someone else's behalf, while 48% regularly monitor their bank and credit card statements for suspicious activity. Many (49%) have set up text message alerts that notify them of any account transactions. Rising Digital Payments. Consumers in Bahrain use a variety of digital payment methods, the most common being mobile payments (66%), bank transfers via mobile banking apps or platforms (64%), and card payments (57%). Sixty-seven percent (67%) of the respondents find digital payments quicker and simpler than other methods and 65% and 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 43% of adults in Bahrain, yet only 6% 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-seven percent (87%) of consumers in Bahrain feel safer when they must confirm their identity through a text code, while 44% 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.
