The Visa Stay Secure study highlights the over-confidence of consumers in the CEMEA region in recognizing and avoiding fraud, leading to an increased risk of becoming victims of scams. Despite 56% of consumers considering themselves savvy enough to avoid online and phone scams, 90% tend to disregard warning signs of online criminal activity. The study emphasizes the importance of staying alert and educated about fraud attempts. In light of Cybersecurity Awareness Month, Visa’s Stay Secure Campaign aims to raise consumer awareness, strengthen education, and build confidence to combat social engineering threats.
The study reveals that confidence in recognizing scams and understanding their vulnerabilities is highest in countries like Qatar, Kenya, South Africa, Saudi Arabia, and Nigeria. However, countries like Tunisia and Morocco are less likely to report being victims of scams. Scammers are adopting persuasive tactics, such as claiming to hold up a parcel at customs, offering expired subscriptions, or free brand vouchers, to deceive unsuspecting consumers. Understanding the language and tactics used by fraudsters is essential to stay ahead of online fraudulent activities.
Key findings from the study include:
Knowledge gap: Consumers who consider themselves knowledgeable are more susceptible to responding to scammers’ requests compared to those who perceive themselves as less knowledgeable. False confidence can lead individuals to click on fake links or respond to scam offers. For example, individuals who believe they are more knowledgeable are more likely to respond to positive news or urgent action.
Concern for others: While respondents may feel confident in their own vigilance, over half of them are concerned that their friends, family, children, or retired people might fall for scam emails or offers.
Suspicion triggers: People are most suspicious of password requests and less suspicious of delivery/shipping updates, marketing communications, or feedback invitations, which scammers can exploit.
Overlooking signs: A significant number of respondents fail to check if communications are from valid email addresses or if company names or logos are attached to messages. Fewer respondents look for order numbers, account numbers, or correct spelling, which can indicate fraudulent activity.
The study also outlines common patterns in scam language and how vulnerable respondents are to them:
Orchestrating urgency: Scammers often create a sense of urgency to prompt individuals into action. Messages about security risks, government notices, or law enforcement can trick a considerable percentage of respondents.
Sharing positive news: Positive hooks like “free gift,” “you’ve been selected,” or “you’re a winner” can prompt action from respondents. Generation Z is more likely to act on giveaways, while a financial opportunity can entice a significant number of respondents.
Action required: Respondents are more likely to respond to action-required phrases but express more suspicion towards password reset requests.
Prevention Steps for Normal PC Users
To prevent becoming victims of fraud, normal PC users should follow these actionable prevention steps:
Be cautious with personal information: Avoid sharing personal account information, including passwords or financial details, with anyone.
Verify links before clicking: Double-check the credibility of links before clicking on them to ensure they take you to legitimate websites. Hover over the link to see the actual URL before clicking.
Regularly check purchase alerts: Set up purchase alerts that provide real-time notifications via text message or email for any transactions made with your account. Regularly review and verify these alerts for any unauthorized activity.
Cross-verify communication channels: If you receive any suspicious communication claiming to be from a company or organization, independently verify the information by calling the number provided on their official website or the back of your credit or debit card. This will help ensure the communication is valid.
Stay informed and educated: Continuously educate yourself about the latest scams, fraud tactics, and warning signs. Stay updated on cybersecurity best practices through resources provided by organizations like Visa’s Stay Secure Campaign, which offers videos, infographics, and tips to equip users with knowledge and skills to recognize and prevent fraud.
By following these actionable prevention steps, normal PC users can enhance their online security, avoid falling prey to scams, and contribute to a secure digital payments experience.