Over-confidence is leaving consumers in Egypt open to becoming victims of fraud, according to Visa’s latest Stay Secure study released today. Despite more than half of respondents (58% vs. 56% global average) claiming to be savvy enough to sidestep online and phone scams, the reality is that nine out of ten (91% vs. 90% 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 (53%) in Egypt has been a victim of a scam at least once, compared to the global average of 52%. Even more alarming is the finding that 14% of the victims have been tricked multiple times, against the global average of 15%.
“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 Egypt 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 payments 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 a positive news (74% to 75% for Egypt vs. global 74% to 67%) or urgent action (69% to 60% for Egypt vs. global 65% to 55%).
- People worry about the vulnerability of others. While respondents feel confident in their own vigilance, over half (47% vs. 52% 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 47% (compared to 36% 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 40% listed as a top three source of suspicion; 42% globally), marketing communications regarding a sale or new product offering (46% vs. global 41%), or an invitation to provide feedback on a recent experience (40% vs. global 37%) – all of which can be used by scammers.
- Overlooking telltale signs. Only 51% (vs. global 57%) reported looking to ensure a communication is sent from a valid email address, while 60% (vs. global 52%) will check if the company name or logo was attached to the message. Fewer than half of respondents look for an order number (41%; global 45%) or an account number (48%; global 43%). Interestingly, only 34% vs. 33% globally look to ensure words are spelt 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% of respondents (compared to 40% 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 36% (vs. 36% global).
- Sharing Positive News: 74% (vs. 71% 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 (36% vs. 39% global) than a notice from the government (21% vs. 31% global), while 41% of respondents (vs. 44% global) would click on a link or reply to a message that offered a financial opportunity.
- Action Required: 65% (vs. 60% 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.
