Most consumers around the world have reduced their use of digital payment platforms over their concerns about cyber scams, a survey by Chubb found.
In its latest global survey titled “The Impact of Cyber Scams on Trust in Digital Payments,” Chubb found that about 46% of the respondents believed that their payments are well protected while about 61% have admitted to changing their behaviors or reducing their use of digital payment platforms because they were worried over the threat of cyber scams.
Moreover, while all of the respondents said that they made a digital payment in the previous year, about 63% of them or someone they knew had been a victim of a cyber scam. When asked about the nine different types of scams, most of the respondents said that they were usually encountering phishing/vishing and impersonation scams, as well as purchases of fake products or services.
The study found that 53% of the respondents were worried about the possibility of their accounts being hacked, while 48% were concerned with potential data breaches. About 46% of the respondents had a hard time trusting digital payment platforms because of the possibility of being scammed, and 37% were worried that they didn’t have the ability to recover their money if they ended up being a victim of scams.
While 69% of the women respondents said that they completely trusted digital payment platforms, about 68% of the respondents aged 18 to 34 did not trust such platforms. About 32% of the respondents said that they didn’t trust the security of digital payment technologies while 36% didn’t trust their customer support and 29% didn’t trust the platforms to protect their confidentiality.
However, about 75% of the respondents said that having transaction insurance would help them trust in digital payment platforms more, with some feeling that AI could be a way to enhance security. In Latin America, about 84% of the respondents would trust such technologies if they had personal cyber-scam insurance, while 82% would do the same for payment protection insurance.
The survey polled 2,600 people in the US, Mexico, Brazil, Thailand, Singapore, Vietnam, Indonesia, and the Philippines, exploring the impact of cyber scams when it comes to the respondents’ trust in digital payment platforms.
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