Dubai, United Arab Emirates – Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s annual Stay Secure study released Thursday.
Despite more than half of respondents (61 percent vs. 56 percent global average) claiming to be savvy enough to sidestep online and phone scams, the reality is that nine out of ten (90 percent; similar to global) are likely to disregard the warning signs that suggest online criminal activity.
Conducted by Wakefield Research in countries across Central and Eastern Europe, the Middle East and Africa (CEMEA), Visa’s 2023 Stay Secure Study finds that just over one in two people (54 percent) in the UAE has been a victim of a scam at least once compared to the global average of 52 percent.
Even more alarming is that 17 percent of the victims have been tricked multiple times, against the global average of 15 percent.
“With the rapid growth in digital payments, it is essential now more than ever that consumers in the UAE understand the language of fraud and act with a high level of caution. We thank our partners at Dubai Police for their support in bringing our important education campaign to local consumers,” explains Neil Fernandes, Visa’s Head of Risk for Middle East and North Africa.
Key Findings of the Visa Stay Secure Study:
- Knowledgeable or naïve. It is concerning that those who consider themselves more knowledgeable are more likely to respond to a requested action from scammers compared to those who say they are less knowledgeable, including a positive news (79 percent to 74 percent for UAE vs global 74 percent to 67 percent) or urgent action (72 percent to 61 percent for UAE vs global 65 percent to 55 percent).
- People worry about the vulnerability of others. While respondents feel confident in their own vigilance, over half (51 percent vs. 52 percent globally) are concerned that their friends or families will fall for a scam email offering a free gift card or product from an online shopping site. Over a third (33 percent; vs. 36 percent global) of respondents are concerned about children or minors, as well as retired people falling prey to online scams.
- What makes people suspicious. In addition to notices involving orders, product offers, or feedback, people are most suspicious of password requests. Less suspicious types of communications are updates regarding delivery or shipping (just 45 percent listed as a top three source of suspicion; 42 percent globally), marketing communications regarding a sale or new product offering (44 percent vs. global 41 percent), or an invitation to provide feedback on a recent experience (42 percent vs. global 37 percent) – all of which can be used by scammers.
- Overlooking telltale signs. Only 60 percent (vs. global 57 percent) reported looking to ensure a communication is sent from a valid email address, while 51 percent (vs. global 52 percent) will check if the company name or logo was attached to the message. Fewer than half of correspondents look for an order number (40 percent; global 45 percent) or an account number (45 percent; global 43 percent). Interestingly, only 29 percent vs. 33 percent globally look to ensure words are spelled correctly.