Pride exposing consumers to fraud


Cyber fraud

JOHANNESBURG, (CAJ News) – CONSUMERS in Central and Eastern Europe, the Middle East and Africa (CEMEA) are at risk of fraud because of over-confidence.

This is according to the findings by Visa, in its latest Stay Secure study, conducted in 17 countries.

The study revealed a disconnect between consumers’ confidence in recognising fraud and their online behaviour, highlighting the importance of staying alert and mindful of fraud attempts.

Despite more than half of consumers (56 percent) claiming to be savvy enough to sidestep online and phone scams, 90 percent are likely to disregard the warning signs that suggest online criminal activity.

According to the study, confidence in the ability to spot a scam, and the vulnerability it may bring, is highest in countries like Qatar (69 percent), Kenya (65 percent), South Africa (65 percent), Saudi Arabia (64 percent) and Nigeria (63 percent).

The study also found that most adults in Kenya (74 percent), Nigeria (72 percent) and South Africa (64 percent) report having been the victim of a scam or fraud.

However, those in Tunisia (43 percent) and Morocco (33 percent) are the least likely to report this.

“In today’s digital-first world, scams are evolving in sophistication, with criminals using new approaches to trick unsuspecting consumers,” said Irene Auma, Head of Risk for Sub-Saharan Africa at Visa.

She said whether it is a parcel held up at customs, a streaming subscription claiming to have expired or a free voucher for a favourite 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.”

With October designated as Cyber Security Awareness Month, the study forms part of Visa’s Stay Secure Campaign, focused on raising consumer awareness, strengthening education and building confidence to combat social engineering threats.

The campaign aims to pave the way for a secure and seamless digital payments experience.

Through this initiative, Visa provides educational content, including videos, infographics, and tips designed to equip consumers with the knowledge and skills to recognise and prevent fraud.

– CAJ News
















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