Nearly half (49%) of consumers in the UAE acknowledge their vulnerability to scams. Yet, a staggering 99% now take active precautions to secure their online transactions, highlighting a significant shift in digital payment awareness and security.
A new Visa study reveals that trust in digital payments is on the rise, with 77% of respondents expressing confidence in these methods and 81% expecting to increase their usage in the coming year.
This growing vigilance reflects a broader trend in the UAE’s digital economy, where consumers are becoming more adept at spotting fraudulent activity while embracing faster, more convenient payment solutions. The findings, part of Visa’s ninth annual Stay Secure study, provide valuable insights into evolving consumer behaviours, fraud prevention strategies, and opportunities to enhance trust in digital transactions further.
Charles Lobo, Senior Vice President and Regional Risk Officer at Visa for CEMEA stated, “The digital payments landscape is evolving rapidly, and consumers across the UAE are embracing its convenience while becoming more vigilant about security. Consumer education is our best defence against fraud, and industry collaboration is key. As scams grow more sophisticated, the battle for security never stops.”
Key Findings from the Visa Stay Secure Study
1. High Awareness, But Scams Still Prevalent
● 49% of UAE consumers have fallen for a scam, with 15% being victims on multiple occasions.
● 62% have been approached by fraudsters asking for money transfers.
● Despite these risks, only 30% take full responsibility for falling victim, while 55% believe others are to blame.
2. Concern for Vulnerable Family Members
● 92% of respondents worry their family and friends might be scammed, despite 59% expressing confidence in their own ability to detect fraud.
● 90% believe Gen X consumers are the most likely to fall victim to online scams.
3. Consumers are Proactive in Fraud Detection
● 68% of respondents identified suspicious password reset requests as a major red flag.
● Consumers are highly cautious of phishing attempts via emails and text messages.
4. Strong Digital Payment Adoption and Security Preferences
● 70% of UAE consumers find digital payments faster and more convenient.
● 99% remain cautious about suspicious requests, with 61% ignoring money transfer requests and 48% enabling transaction alerts.
● 86% feel safer when confirming payments via a texted code, while 56% trust visible security icons.
Visa continues to invest heavily in payment security, with $3.3 billion invested in AI and data infrastructure over the past decade. In 2024, the company launched three new AI-powered fraud prevention solutions as part of the Visa Protect suite to combat cybercrime across various payment channels.
The company’s fraud prevention efforts have led to substantial results, including:
● Blocking $40 billion in fraudulent transactions in the past year.
● Preventing 80 million fraudulent transactions.
● Averting $122 million in estimated eCommerce fraud through malware detection.
With 81% of UAE consumers planning to increase their use of digital payments over the next year, trust and security will remain critical factors in the ecosystem’s expansion. Retailers, banks, and payment processors can further bolster confidence by implementing enhanced authentication measures, such as text-based confirmations and security badges.
