40% of consumers in the UAE were exposed to electronic fraud attempts in 2020
A study revealed by Dubai Police, Dubai Economy and Visa International today showed that about four out of every 10 consumers (40%) in the UAE have been exposed to online fraud attempts during the past year, but indicated that this did not stand in the way of the growing growth. In the confidence and rates of digital payments in traditional and online stores, consumers continue to prefer it over cash thanks to technological developments and security standards that give them an increased sense of security when using these methods to pay for their purchases.
The “Stay Safe 2021” study pointed to a continuous decline in the rates of the use of cash transactions in the UAE, explaining that, in conjunction with the increasing demand for shopping on e-commerce platforms and the use of contactless payments since the beginning of the “Corona” pandemic, the rates of demand for the cash on delivery service also decreased. By 75%, the rates of using digital payments (contact cards and digital wallets) for online or cash-on-delivery payments increased by 98%.
Consumer opinions confirm the expectations that this trend will continue in the future, as 40% of the respondents said that they exclude the use of the cash on delivery feature, while 45% of them are likely to use contactless payments in the future.
According to the study, two-thirds of consumers (63%) showed high levels of confidence towards the use of digital payments (contactless payments and digital wallets) when shopping in stores, which reflects a significant increase since the beginning of the pandemic.
Among the most prominent reasons consumers mentioned for their confidence in the contactless payment system: convenience (60%);
speed (59%);
Avoiding human contact (56%), while 46% prefer it because it allows them to control expenses due to the fact that the card or mobile phone remains in the hands of the consumer during the payment transaction (48%), and as an innovative payment method (48%).
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