Visa Study Reveals Overconfidence Puts Pakistani Consumers at Risk of Online Scams
A recent Visa study sheds light on the alarming overconfidence of Pakistani consumers in their ability to fend off online and phone scams, making them vulnerable targets for fraudsters. The 2023 Stay Secure Study, conducted by Wakefield Research across Central and Eastern Europe, the Middle East, and Africa (CEMEA), exposes the unsettling reality that 56% of Pakistani respondents believe they can outsmart online and phone scams.
The Consequences: Contrary to their confidence, the study reveals that a staggering nine out of ten Pakistanis are prone to ignoring warning signs indicative of online criminal activities. These signs include requests for personal information, urgent messages, or offers that seem too good to be true. Shockingly, 52% of the Pakistani population has fallen victim to scams at least once, with an even more concerning statistic: 21% of these victims duped multiple times, surpassing the global average of 15%.
Visa’s Warning: Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan (NALP) at Visa, emphasizes the urgent need for Pakistani consumers to become more vigilant and savvy in recognizing fraudulent tactics. She underscores the importance of understanding the language of fraud, and Visa Study Stay Secure Study has part of their annual campaign dedicated to raising consumer awareness, enhancing education, and empowering individuals to combat social engineering threats. The ultimate goal is to create a secure and seamless digital payment experience.
Visa’s Commitment: Visa’s commitment to the Pakistani market is evident as they have officially inaugurated a new office in the country. This expansion reaffirms their dedication to driving the digitalization of the payments landscape. Visa aims to provide robust support to financial institutions, merchant clients, local government partners, and the local communities as they work towards a safer and more convenient digital payment ecosystem.
