Digital payments have made UAE consumers more vulnerable to fraud

By Puja Sharma

“Costly confidence” revealed as 61% of respondents claim to be scam-savvy, but 9 in 10 are likely to miss common fraud warning signs

• Around 51% are concerned that friends or family will fall for a scam, with 77% likely to respond to a positive message from fraudsters
• Visa and Dubai Police launch Stay Secure awareness campaign to equip consumers with the knowledge and skills to recognize and prevent fraud

Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s annual Stay Secure study released today. Despite more than half of respondents (61% vs. 56% global average) claiming to be savvy enough to sidestep online and phone scams, the reality is that nine out of ten (90%; 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%) in the UAE has been a victim of a scam at least once compared to the global average of 52%.  Even more alarming is that 17% of the victims have been tricked multiple times, against the global average of 15%.

“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 extremely persuasive tactics to deceive their victims. 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.

The Stay Secure Study is a part of Visa’s annual Stay Secure Campaign, which reflects Visa’s commitment to 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.

Decoding The Language of Fraud

Scammers try different approaches to craft messages that appear genuine and compel recipients to take immediate action. The Visa Stay Secure Study identified prevalent patterns in the language most associated with scams – and how vulnerable respondents in the surveyed countries are.

• Orchestrating Urgency: Cybercriminals often feign urgency to spur people into action, such as clicking a link or responding to a sender. Up to 37% of respondents (compared to 40% globally) will fall for messages about a security risk, such as a stolen password or a data breach, while a notice from a government entity or law enforcement can trick 35% (vs 36% global).
• Sharing Positive News: 77% (vs 71% global) of respondents would take action if a message had a positive hook, like “free gift,” “you’ve been selected,” or “you’re a winner.” Gen Zers are more likely to act on a giveaway (38% vs 39% global) than a notice from the government (30% vs 31% global), while 42% (vs 44% global) of respondents would click on a link or reply to a message that offered a financial opportunity.
• Action Required: 66% (vs 60% globally) would respond to action-required phrases though respondents are most suspicious of requests to reset their password.