Overconfidence could be leaving many consumers in the UAE more vulnerable to scams and fraudulent activities, a new report from payments giant Visa finds.
The study, which surveyed consumers across Central and Eastern Europe, the Middle East and Africa, revealed that while over 60 percent of respondents in the UAE believe themselves to be scam-savvy, in reality nearly 90 percent are likely to miss common warning signs that suggest criminal behavior online.
This disconnect between perceptions of awareness and actions suggests overconfidence could be a significant contributing factor to vulnerability. The research found that those who consider themselves more knowledgeable about scams are more likely to respond to scam requests compared to those who say they are less informed.
“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,” said Neil Fernandes, Visa’s Head of Risk for Middle East and North Africa.
“With the rapid growth in digital payments, it is essential now more than ever that consumers in the UAE understand the language of fraud and act with a high level of caution. We thank our partners at Dubai Police for their support in bringing our important education campaign to local consumers,” he added.
UAE residents fear scam risks
In addition, the study also revealed that over half of UAE residents are worried friends or families may fall victim. Of most concern are children or minors and retired individuals. This suggests there is a understanding of the ease with which scammers can trick targets, yet overconfidence may be holding back consumers themselves from avoiding risks.
When examining the language scammers use, the research found UAE residents are particularly susceptible to “positive” messages. A huge 77 percent would likely act on communications involving a potential reward like a free gift. Scammers have clearly identified framing cons in an enticing way can circumvent skepticism.
Cybercriminals can sometimes feign urgency to force people into action. This can include clicking a link or responding to a sender. The survey found that up to 37 percent of UAE-based respondents were likely to fall for messages about a security risk (stolen password or data breach) and that a false notice from a government entity or law enforcement can trick 35 percent.
To help address these behavioral vulnerabilities, Visa has launched an awareness campaign together with Dubai Police. The initiative aims to provide guidance on techniques often used by scammers and simple ways people can protect themselves like verifying communications.
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