Dubai, United Arab Emirates, 12 July 2021: Whereas practically 4 in 10 UAE shoppers have skilled on-line fraud makes an attempt previously yr, the belief and use of digital funds, each in-store and on-line, reveals no indicators of abating as shoppers they nonetheless want them to money, citing improved know-how and safety measures as the explanation why they nonetheless really feel safer with these fee strategies. These findings had been revealed in 2021 Keep secure survey launched at this time by Visa, Dubai Police and Dubai Financial system (DED).
Money is unlikely to return to its earlier excessive degree of use
In line with the research, using money within the UAE continues to say no. Whereas e-commerce and contactless funds have grown in recognition and utilization for the reason that begin of the pandemic, money on supply (COD) fee has fallen considerably (75%), whereas using digital funds (contactless playing cards + cell wallets) for paying on-line or on supply nearly doubled (with a mean of 98%). Shopper suggestions reinforces the assumption that there isn’t a reversal of this development, with 40% of shoppers saying they’re much less possible to make use of COD and 45% extra possible to make use of contactless fee strategies sooner or later.
Belief is driving client preferences for contactless and digital funds, however some issues stay
Nearly two-thirds of shoppers (63%) have a excessive degree of belief in digital funds (contactless playing cards and cell wallets) for in-store buying and cash-on-delivery, a rise for the reason that begin of the pandemic. The principle causes shoppers gave for his or her belief in contactless embody comfort (60%), pace (59%), management (the cardboard or cell by no means leaves the buyer’s hand through the transaction) (46%), avoiding human contact ( 56%) and the revolutionary mode. to pay (48%).
Biometrically verified funds – corresponding to cell wallets – additionally scored excessive with shoppers, with greater than a 3rd (67%) saying it was safe and 60% saying it gave them full management as a result of they did not depart their by no means tamper with a transaction and eliminates the trouble of getting to recollect passwords.
Information of the know-how that protects digital funds is a driver of client confidence. Amongst shoppers who belief digital funds, a majority (52%) mentioned that understanding the underlying safety applied sciences that shield digital funds, corresponding to tokenization, helps them enhance their belief in cashless choices. Those that wouldn’t have an enough degree of know-how data nonetheless have lingering doubts in regards to the security of digital funds. For instance, 47% concern the misuse of misplaced or stolen contactless playing cards, primarily as a result of a lack of knowledge of how the know-how works (27%). These findings reinforce the significance of continued schooling about safe digital fee practices amongst shoppers to take care of their belief.
Shopper expertise with fraud
The survey additionally sheds mild on shoppers’ experiences of fraud, with 39% of UAE shoppers surveyed admitting to having skilled an internet fraud try. A few quarter of shoppers (27%) have skilled phishing, whereas just below a fifth have skilled bank card fraud (19%) and obtained counterfeit items (17%). Within the occasion of fraud, informing their financial institution (67%) or customer support (58%) and altering their password/PIN (72%) are an important actions shoppers can take. As proof of client confidence in native regulation enforcement, half of UAE shoppers mentioned they might contact the authorities within the occasion of fraud.
Brigadier Jamal Salem Al Jalaf, Director of the Felony Investigations Division at Dubai Police, mentioned: “As individuals spend an increasing number of time on-line – together with many for the primary time, fraudsters are utilizing this as a possibility to use client fears and lack of awareness. . We strongly imagine that authorities authorities, the non-public sector and native communities all have an vital function to play in elevating consciousness amongst UAE residents. Dubai Police is delighted to as soon as once more accomplice with Visa and Dubai Financial system on the Keep Safe initiative, which can assist strengthen our efforts to scale back on-line fraud and cybercrime within the UAE and guarantee a secure and safe digital economic system for all of the world”.
Ahmad Al Zaabi, Director of Shopper Safety at Dubai Financial system, mentioned: “Procuring in Dubai represents an excellent alternative for retail innovation because it engages an enormous and various demographic of shoppers and companies. At Dubai Financial system we’re targeted on making buying within the metropolis an pleasant expertise and have capitalized on each alternative, together with the surge in on-line buying on account of COVID-19, to encourage shoppers to get pleasure from the advantages of cashless and contactless buying. The partnership with Visa permits us to trace client habits and we’re excited to see that belief in digital funds continues to develop, which in flip will speed up the continuing digital transformation in Dubai.”
Neil Fernandes, Visa’s head of danger for the Center East and North Africa, commented: “As our survey outcomes point out, shoppers have totally embraced digital funds within the period of COVID-19, however this doesn’t come with out dangers. As shoppers shift on-line, fraudsters have regarded for alternatives to use these adjustments in how individuals pay for items and providers. For this reason fixed client schooling is extra vital than ever. The truth that 1 in 2 shoppers surveyed would contact regulation enforcement within the occasion of fraud is a credit score to the diligent efforts of our companions Dubai Police and Dubai Financial system, who’re dedicated to maintaining shoppers secure and enabling them to make use of digital funds and on-line channels . with confidence. Nonetheless, as an business we can’t afford to let our guard down. Our ongoing Keep Safe marketing campaign is our effort to deliver collectively all contributors within the funds ecosystem to work collectively to advance efforts to teach shoppers on methods to keep vigilant, establish potential fraud and what actions they need to take if they’re affected.” .
The survey coincides with the launch of Visa’s sixth annual ‘Keep Safe’ social media marketing campaign on Fb and Instagram (@VisaMiddleEast, @DubaiPolice @DubaiDED) in partnership with Dubai Police and DED. The marketing campaign reinforces secure digital fee practices and reminds shoppers how they’ll shield private information at the same time as they get pleasure from the advantages and comfort of e-commerce and contactless funds. The UAE stays secure internet web page it additionally consists of fraud prevention ideas for shoppers and knowledge on the security measures of digital funds.
