A new study commissioned by Visa has revealed a significant increase in consumer awareness and proactive security measures for digital payments across Central and Eastern Europe, the Middle East, and Africa (CEMEA).
The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 diverse CEMEA markets, found that 98% of consumers actively take precautions to secure their online transactions, reflecting growing digital payment awareness.
Increased Security Awareness in Nigeria
In Nigeria, 64% of respondents acknowledge their vulnerability to scams such as phishing. However, the adoption of stronger authentication methods and proactive security measures suggests a positive shift in consumer behavior compared to 2023.
Consumers are now more vigilant, identifying red flags and verifying online interactions before making transactions.
Despite the risk of fraud, over three-quarters of respondents mostly or completely trust digital payments. Additionally, 86% of Nigerian consumers expect to increase their use of digital payments in the next year.
Industry Collaboration and Consumer Trust
Speaking on the findings, Andrew Uaboi, Vice President & Head of Visa West Africa, stated:
“The digital payments landscape is evolving rapidly, and consumers across Nigeria are embracing its convenience while becoming more vigilant about security. Consumer education is our best defense against fraud, and industry collaboration makes this possible. As scams grow more sophisticated, the battle for security never stops. Consumers increasingly trust partners who take tangible steps to protect them.”
Visa believes the Stay Secure study provides valuable insights that can help stakeholders build trust and develop consumer education materials to prevent fraud.
Key Findings in Nigeria
- 94% of respondents use e-commerce payment methods.
- 82% trust government-run payment programs (e.g., instant payments, local cards) more if partnered with a well-known brand like Visa.
- 51% feel more secure using digital payments.
- 56% leverage online credit or debit card payments.
- 54% say news about cyber fraud (e.g., data breaches, phishing) has influenced their digital payment behavior.
- 43% believe Boomers (ages 60-78) are most likely to fall victim to online scams.
Visa’s Commitment to Digital Payment Security
Visa has been a leader in using artificial intelligence (AI) for payments, investing $3.3 billion in AI and data infrastructure over the last decade.
In 2024, Visa introduced three AI-powered fraud prevention solutions under its Visa Protect suite to reduce fraud in:
- Instant account-to-account (A2A) payments
- Card-not-present (CNP) transactions
- Payments within and outside Visa’s network
As the world’s largest SaaS platform, Visa fights cybercrime using advanced fraud detection tools and AI-driven security solutions. The impact has been significant:
- $40 billion in fraudulent payments blocked
- 80 million fraudulent transactions prevented
- $122 million in estimated e-commerce fraud averted through malware detection
A Safer Digital Future
Visa’s findings reinforce the growing consumer trust in digital payments while emphasizing the importance of security education and collaboration in preventing fraud. With the rise of sophisticated scams, the fight for safer digital transactions remains ongoing.
