A recent Visa study highlights a growing awareness among Kuwaiti consumers regarding digital payment security, with 94% now taking additional precautions when making transactions. The findings, reported by Al-Seyassah, stem from Visa’s ninth annual ‘Stay Secure’ study, which surveyed 5,800 adults across 17 markets in Central Europe, the Middle East, and Africa (CEMEA).
Visa study indicates a positive shift in consumer behavior, as 79% of respondents expect to increase their use of digital payments in the next year, while 80% express confidence in these methods. However, 44% of participants admitted to having limited experience in detecting fraud, emphasizing the need for continued education and awareness.
Neil Fernandez, Visa’s Head of Risk for the Middle East and North Africa, emphasized the importance of fraud prevention, stating that consumer education is the first line of defense against evolving digital threats. He stressed the need for collaboration with industry partners to enhance transaction security.
Visa’s Vice President and General Manager for Kuwait and Qatar, Shashank Singh, highlighted the Visa study’s role in shaping industry strategies, reinforcing customer trust, and supporting Kuwait’s digital economy initiatives. He noted that retailers and financial institutions play a crucial role in ensuring the security of digital transactions.
Despite increased awareness, the study also revealed a concerning trend: 44% of Kuwaiti consumers have experienced fraud as digital payment adoption continues to rise. These findings reinforce the need for ongoing security measures and consumer education to mitigate risks in the evolving digital landscape.
