More than half of the respondents in a pan-Middle East digital payment survey revealed they faced phishing scams when using online banking or mobile wallet services.
The survey also revealed that at least 49 per cent of the respondents have personally encountered fake websites, and 48 per cent have come across scams, via texts or calls, using social engineering.
According to a Digital Payment survey, commissioned by cyber security company Kaspersky, when respondents were asked about awareness of threats against digital payment methods, the majority said that they are aware of both financial phishing attacks (87 per cent) and online scams (87 per cent).
Moreover, 84 per cent also stated that they are informed about banking malware on PCs and on mobile, which steals money from users' bank accounts.
The Kaspersky Digital Payment survey extensively studies interactions with online payments and examines internet users' attitudes towards them. The study of 2,004 respondents was conducted by research agency Toluna across the Middle East, Turkey, South Africa, and Nigeria early this year, said Emad Haffar, head of technical experts, Middle East, Turkey and Africa at Kaspersky.
The survey also said at least 92 per cent believe banks and payment companies should educate users more about the threats online.
When it comes to a list of security features consumers would like to see more on existing banking apps and mobile wallets, here's what matters most to them:
"Whether we talk about the proliferation of phishing scams or mobile malware, it is important to establish some basic cybersecurity standards," explained Haffar.
He said, "Advanced security solutions, which are able to filter out most of the generic attack vectors, supplemented with other preventive measures such as good cybersecurity awareness and regular password changes, can help to keep your financial transactions secure."
Here are some tips to keep your data safe:
For developers, banks and companies involved in providing digital payment services, the cyber security experts recommend:
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