Over-confidence is leaving consumers in Pakistan open to becoming victims of fraud, according to Visa’s latest Stay Secure study released today.
Despite more than half of respondents (56 percent similar to the global average) claiming to be savvy enough to sidestep online and phone scams, the reality is that nine out of ten (91 percent; similar to global) are likely to disregard the warning signs that suggest online criminal activity.
Conducted by Wakefield Research in countries across Central and Eastern Europe, the Middle East, and Africa (CEMEA), Visa’s 2023 Stay Secure Study finds that just over one in two people (52 percent) in Pakistan has been a victim of a scam at least once, similar to the global average. Even more alarming is the finding that 21 percent of the victims have been tricked multiple times, against the global average of 15 percent.
“In today’s digital-first world, scams are evolving in sophistication with criminals using new approaches to trick unsuspecting consumers. Whether it’s a parcel held up at customs, a streaming subscription claiming to have expired, or a free voucher for a favorite brand, scammers are adopting extremely persuasive tactics to deceive their victims. With the rapid growth in digital payments, it is essential now more than ever that consumers in Pakistan understand the language of fraud and act with a high level of caution,” explains Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan (NALP), Visa.
The Stay Secure Study is a part of Visa’s annual Stay Secure Campaign, which reflects Visa’s commitment to raising consumer awareness, strengthening education, and building confidence to combat social engineering threats. The campaign aims to pave the way for a secure and seamless digital payment experience.
“Costly Confidence”: The Disconnect Between Awareness and Action
Key Findings of the Visa Stay Secure Study:
Knowledgeable or naïve. Considering themselves knowledgeable might make people even more vulnerable, as false confidence can propel someone to click on a fake link or respond to a scam offer. It is concerning that those who consider themselves more knowledgeable are more likely to respond to a requested action from scammers compared to those who say they are less knowledgeable, including positive news (80 percent to 66 percent for Pakistan vs. global 74 percent to 67 percent) or urgent action (65 percent to 53 percent for Pakistan vs global 65 percent to 55 percent).
People worry about the vulnerability of others. While respondents feel confident in their own vigilance, over half (53 percent vs. 52 percent globally) are concerned that their friends or families will fall for a scam email offering a free gift card or product from an online shopping site. Around 26 percent (compared to 36 percent global) of respondents are concerned about children or minors, as well as retired people falling prey to online scams.
What makes people suspicious? In addition to notices involving orders, product offers, or feedback, people are most suspicious of password requests. Less suspicious types of communications are updates regarding delivery or shipping (just 46 percent listed as a top three source of suspicion; 42 percent globally), marketing communications regarding a sale or new product offering (48 percent vs. global 41 percent), or an invitation to provide feedback on a recent experience (44 percent vs global 37 percent) – all of which can be used by scammers.
Overlooking telltale signs. Only 57 percent, similar to the global average, reported looking to ensure a communication is sent from a valid email address, while 55 percent (vs. global 52 percent) will check if the company name or logo was attached to the message. Fewer than half of correspondents look for an order number (47 percent; global 45 percent) or an account number (44 percent; global 43 percent). Interestingly, only 26 percent vs. 33 percent globally look to ensure words are spelled correctly.
Decoding The Language of Fraud
Scammers try different approaches to craft messages that appear genuine and compel recipients to take immediate action. The Visa Stay Secure Study identified prevalent patterns in the language most associated with scams – and how vulnerable respondents in the surveyed countries are.
Orchestrating Urgency: Cybercriminals often feign urgency to spur people into action, such as clicking a link or responding to a sender. Up to 41 percent of respondents (compared to 40 percent globally) will fall for messages about a security risk, such as a stolen password or a data breach, while a notice from a government entity or law enforcement can trick 33 percent (vs. 36 percent global).
Sharing Positive News: 74 percent (vs. 71 percent global) of respondents would take action if a message had a positive hook, like “free gift,” “you’ve been selected,” or “you’re a winner.” Gen Zers are more likely to act on a giveaway (44 percent vs. 39 percent global) than a notice from the government (36 percent vs. 31 percent global), while 53 percent of respondents (vs. 44 percent global) would click on a link or reply to a message that offered a financial opportunity.
Action Required: 67 percent (vs. 60 percent globally) would respond to action-required phrases though respondents are most suspicious of requests to reset their password.
Spot The Signs: Education and Awareness to Catch Scams in Action
Consumers can better protect themselves by taking a few extra moments before clicking, including understanding the language scammers use.
Among simple but effective best practices:
Keep personal account information to yourself.
Don’t click on links before verifying that they’ll take you where they say they will.
Regularly check purchase alerts, which provide near real-time notification by text message or email of purchases made with your account.
Call the number on corporate websites or the back of your credit and debit cards if you are unsure if a communication is valid.
Source: Pro Pakistani
