Over Confident Pakistani Consumers At A Great Risk Of Falling Prey To Fraudsters: Visa

According to the latest study by Visa, Pakistani consumers are quite over-confident about their ability to avoid online and phone scams. Isn’t it? Study reveals that this overconfidence leaves them vulnerable to fraudsters. Recently, the 2023 Stay Secure Study was conducted by Wakefield Research in countries across Central and Eastern Europe, the Middle East and Africa (CEMEA). The study claims that 56% of Pakistani respondents consider themselves smart enough to sidestep online and phone scams.

Visa Warns Pakistani Consumers of Online Scams

The fact is that nine out of ten are likely to ignore the warning signs that suggest online criminal activity. For instance, requests for personal information, urgent messages, or offers that appear too good to be true. According to the study, 52 % of people in Pakistan have been a victim of a scam at least once. The most alarming piece of news is that 21 % of the victims were fooled multiple times, against the global average of 15 percent. Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan (NALP), Visa stated:

“In today’s digital-first world, scams are evolving in sophistication with criminals using new approaches to trick unsuspecting consumers,”

Anyhow, it is important now that consumers in Pakistan understand the language of fraud with a high level of vigilance. The Stay Secure Study is a part of Visa’s annual Stay Secure Campaign. It mirrors Visa’s commitment to raising consumer awareness, strengthening education, and building confidence to fight social engineering threats. Moreover, the campaign seeks to pave the way for a secure and seamless digital payment experience.

Visa has officially inaugurated its new office in Pakistan. Visa’s regional expansion is a testament to its commitment to drive digitalization of the payments landscape. It has strong support for the company’s financial institutions, merchant clients, local government partners, investments, and local communities.