A recent study highlighted a growing awareness among consumers in Kuwait regarding digital payment security, with 94% of customers adopting additional precautionary measures to safeguard their transactions. This shift reflects an increasing emphasis on security as the digital payment sector continues to gain significant momentum.
Visa reported that around 44% of survey participants in Kuwait admitted to having limited experience in fraud detection. However, the growing adoption of precautionary measures and a preference for more secure authentication methods indicate a positive shift in consumer behavior compared to the previous edition of the “Stay Secure” study in 2023.
The study highlights a strong upward trend in digital payment adoption in Kuwait, with 80% of participants expressing full or partial confidence in these payment methods. Additionally, 79% of respondents anticipate an increase in their use of digital payments over the next year, reflecting growing trust and reliance on digital transactions.
The most important results of the study
1- Falling victim of fraud:
As the reliance on digital payments grows, the scope of fraud is also expanding. In Kuwait, less than half of consumers (44%) have fallen victim to fraud, with 14% of them being deceived multiple times, highlighting the ongoing risks associated with digital transactions.
According to the survey, 67% of participants reported receiving anonymous requests to transfer money on someone else’s behalf. However, when it comes to taking responsibility for fraud, only 40% of respondents admit to their own involvement, while 47% place the blame on others.
2- Loved ones are exposed to deception:
The survey revealed that 68% of consumers in Kuwait have varying levels of confidence in their ability to detect fraud. However, 93% expressed concern that their family members or friends could become victims of deception. Additionally, 85% of participants believe that Generation X digital payment users are the most vulnerable to online fraud.
3- Monitoring fraud operations:
Customers in Kuwait are highly cautious about suspicious text messages or emails, recognizing them as potential fraudulent attempts to steal their money. Among the most alarming signs of fraud, 66% of survey respondents identified requests to reset passwords or update account information following a data breach as some of the most suspicious messages.
4 – Precautionary measures:
A significant 94% of surveyed customers in Kuwait take steps to secure their digital payments. Among these, 53% refuse to respond to emails requesting funds transfers on behalf of others, while an equal percentage refrain from sharing their card or account information. Additionally, 40% of customers enable text message alerts to monitor any transactions on their accounts.
5 – Growing digital payment options:
In Kuwait, customers widely use various d igital payment methods, with mobile payments (64%), cards (62%), and bank transfers via apps or approved platforms (62%) being the most popular. Sixty-six percent of respondents consider digital payments the fastest and most convenient method, while 59% appreciate the ability to make payments anytime and anywhere.
6 – Ease of digital payment:
Mobile payments are regarded as one of the most secure digital payment methods in Kuwait. However, while 46% of adults use peer-to-peer payments, only 3% view them as the easiest payment option. This highlights an opportunity to enhance the user experience and simplify the process to encourage broader adoption.
7 – Building trust:
Retailers, banks, and payment processors can build trust by sending purchase confirmation requests through text codes or links and displaying trusted security badges. In Kuwait, 91% of customers feel more secure when a transaction requires identity verification via a text code, while 55% prefer security icons to be prominently visible during the transaction process.
Source: Al Qabas
