Visa study highlights consumer confidence in Kuwait makes them prone to fraud

Visa, in collaboration with the Kuwait Banking Association, has released this year’s edition of the “Stay Safe” study, which reveals that consumers’ excessive confidence leaves them vulnerable to fraudulent activities. The study is an integral part of Visa’s annual “Stay Safe” campaign, designed to raise awareness, educate consumers, and enhance their confidence in combating social engineering threats while ensuring secure and seamless digital payment experiences, reported Al-Jarida Daily.

Neil Fernandez, Director of Risk Management at Visa Middle East and North Africa, emphasized the evolving techniques employed by fraudsters in deceiving consumers in the digital age. Tactics include fraudsters posing as customs officers holding packages, claiming expired subscriptions to streaming services, or offering free shopping vouchers from popular brands.

With the rapid growth of digital payments, it is vital for Kuwaiti consumers to familiarize themselves with the language of fraud and exercise greater caution than ever before. Visa expressed gratitude to the Kuwait Banking Association for their support and contribution, enabling the delivery of the “Stay Safe” campaign to local consumers. The association, in collaboration with the Central Bank of Kuwait, has already launched the “Let’s Be Aware” campaign, aimed at educating customers about the importance of caution and refraining from engaging in suspicious transactions or responding to potential fraudulent claims.

Kuwaiti banks are committed to fortifying their systems and investing in cutting-edge cybersecurity technologies. Dr. Hamad Al-Hassawi, Secretary General of the Kuwait Banking Association, highlighted the continuous efforts made by Kuwaiti banks to combat fraudulent activities. He praised Visa’s dedication to raising awareness and educating customers, expressing his satisfaction with the sustained partnership and cooperation between the association and Visa over the past six years since the launch of the “Stay Safe” campaign in Kuwait.