More than 90% of Egyptian consumers at risk of online fraud: Visa

Ahram Online , Tuesday 12 Sep 2023

Around 91 percent of Egyptian consumers are at risk of becoming victims of fraud through online and phone scams, according to a recent study from Visa released on Monday.

Visa

 

Visa's Stay Secure study attributed this high percentage to users' overconfidence as many Egyptian consumers respond to phone calls from strangers and click on links sent by unknown sources.

Digital-age scammers are using new tricks and tactics to defraud consumers, such as sending messages with positive news telling victims they have won prizes in random draws.

Visa said consumers can protect themselves from fraud by protecting their private information and refraining from clicking on any strange links.

The Visa study was conducted by Wakefield Research Agency and polled consumers in countries across Central and Eastern Europe, the Middle East, and Africa (CEMEA).

In April 2023, 42.3 million (64.8 percent of Egyptians above the age of 16) had bank accounts, Egypt Post accounts, mobile phone wallets, or prepaid cards, according to figures released by the Central Bank of Egypt (CBE).

In 2022, the CBE launched its financial inclusion strategy for 2022-2025, aiming at expanding digital financial services, protecting the rights of consumers, and enhancing confidence in the Egyptian banking sector.

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