New Visa Study Reveals How Consumers Can Stay Secure from the Language of Fraud
Visa's latest Stay Secure study reveals that over-confidence is leaving consumers in Central and Eastern Europe, the Middle East and Africa (CEMEA) at risk of becoming victims of fraud.
The study is a part of Visa’s Stay Secure Campaign, focused on raising consumer awareness, strengthening education, and building confidence to combat social engineering threats.
Key findings: fraud and consumer behavior
Research across 17 countries revealed a disconnect between consumers’ confidence in recognizing fraud and their online behavior, highlighting the importance of staying alert and being mindful of fraud attempts. Despite more than half of consumers (56%) claiming to be savvy enough to sidestep online and phone scams, 90% are likely to disregard the warning signs that suggest online criminal activity.
The study also found that considering themselves knowledgeable might make people even more vulnerable, as false confidence can propel someone to click on a fake link or respond to a scam offer. 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 positive news (74% to 67%) or urgent action (65% to 55%)1.
And while the study revealed that respondents feel confident in their own vigilance, over half (52%) 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 (36%) of respondents are concerned about children or minors, as well as retired people falling prey to online scams2.
Meanwhile, 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 42% listed as a top three source of suspicion), marketing communications regarding a sale or new product offering (41%), or an invitation to provide feedback on a recent experience (37%) - all of which can be used by scammers3.
Finally, the study found that only 57% reported looking to ensure communications are sent from a valid email address, while 52% will check if the company name or logo was attached to the message. Fewer than half of correspondents look for an order number (45%) or an account number (43%). Only 33% look to ensure words are spelt correctly4.
Fraud prevention and education
There are several best-practices that consumers can follow to better protect themselves from fraud, including by keeping personal account information to themselves, regularly checking purchase alerts and confirming the validity of communication from businesses by calling the numbers provided on corporate websites.
“In today’s digital-first world, scams are evolving in sophistication, with criminals using new approaches to trick unsuspecting consumers. Whether it’s a parcel held up at customs, a streaming subscription claiming to have expired, or a free voucher for a favorite brand, scammers are adopting persuasive tactics to deceive. Understanding the language of fraud is increasingly essential, and our Visa Stay Secure educational platform provides the knowledge and skills to help stay ahead of fraudulent activity online,” explains Charles Lobo, Regional Risk Officer for Visa CEMEA.
Visit Visa’s Stay Secure Awareness Platform for more insights from the 2023 study and to learn about the language of fraud.
Stay current with the latest payments insights from Visa Navigate CEMEA - subscribe today.
All brand names, logos and/or trademarks are the property of their respective owners, are used for identification purposes only, and do not necessarily imply product endorsement or affiliation with Visa.
1Stay Secure: Visa's Study -- Uncovering How and Why Consumers Fall For The Language of Fraud, Visa, 2023.
2Stay Secure: Visa's Study -- Uncovering How and Why Consumers Fall For The Language of Fraud, Visa, 2023.
3Stay Secure: Visa's Study -- Uncovering How and Why Consumers Fall For The Language of Fraud, Visa, 2023.
4Stay Secure: Visa's Study -- Uncovering How and Why Consumers Fall For The Language of Fraud, Visa, 2023.
Share Feedback