Consumers in Bahrain are falling victim to fraud because of their overconfidence, Visa’s latest ‘Stay Secure’ study has revealed.

The study, carried out in partnership with Bahrain Association of Banks (BAB), said despite more than half of respondents (57% vs. 56% global average) claiming to be savvy enough to sidestep online and phone scams, the reality is that nine out of 10 (94%; against a global average of 90%) are likely to disregard the warning signs that suggest online criminal activity.

Conducted by Wakefield Research in countries across Central and Eastern Europe, the Middle East and Africa (Cemea), the study finds that almost one in two people (48%) in Bahrain has been a victim of a scam at least once compared to the global average of 52%. Even more alarming is the finding that 8% of the victims have been tricked multiple times, against a global average of 15%.

“In today’s digital-first world, scams are evolving in sophistication with criminals using new approaches to trick unsuspecting consumers. Whether it’s a parcel held up at customs, a streaming subscription claiming to have expired, or a free voucher for a favourite brand, scammers are adopting extremely persuasive tactics to deceive their victims,” said explains Neil Fernandes, Visa's Head of Risk for Middle East and North Africa.

“With the rapid growth in digital payments, it is essential now more than ever that consumers in Bahrain understand the language of fraud and act with a high level of caution. We thank our partners at Bahrain Association of Banks for their support in bringing our important campaign to local consumers.”

The Stay Secure study is a part of Visa’s annual Stay Secure Campaign, and the company said that it intended to raising consumer awareness, strengthening education, and building confidence to combat social engineering threats.

The campaign aims to pave the way for a secure and seamless digital payments experience.

Key Findings

Costly Confidence

• Knowledgeable or naïve. Considering themselves knowledgeable might make people even more vulnerable, as false confidence can propel someone to click on a fake link or respond to a scam offer. It is concerning that those who consider themselves more knowledgeable are more or equally likely to respond to a requested action from scammers compared to those who say they are less knowledgeable, including a positive news 78% for Bahrain (vs global 74% to 67%) or urgent action (65% to 62% for Bahrain vs global 65% to 55%).

• People worry about the vulnerability of others. While respondents feel confident in their own vigilance, over half (49% vs. 52% globally) are concerned that their friends or families will fall for a scam email offering a free gift card or product from an online shopping site. Over a third (43%; compared to 36% global) of respondents are concerned about children or minors, as well as retired people (30% vs global 36%) falling prey to online scams.

• What makes people suspicious. In addition to notices involving orders, product offers, or feedback, people are most suspicious of password requests. Less suspicious types of communications are updates regarding delivery or shipping (51% listed as a top three source of suspicion; 42% globally), marketing communications regarding a sale or new product offering (40% vs. global 41%), or an invitation to provide feedback on a recent experience (41% vs global 37%) – all of which can be used by scammers.

• Overlooking telltale signs. Only 56% (vs global 57%) reported looking to ensure a communication is sent from a valid email address, while 43% (vs global 52%) will check if the company name or logo was attached to the message. Fewer than half of correspondents look for an order number (48%; global 45%) or an account number (47%; global 43%). Interestingly, only 31% vs 33% globally look to ensure words are spelt correctly. 

Decoding The Language of Fraud

Scammers try different approaches to craft messages that appear genuine and compel recipients to take immediate action. The Visa Stay Secure Study identified prevalent patterns in the language most associated with scams – and how vulnerable respondents in the surveyed countries are.

• Orchestrating Urgency: Cybercriminals often feign urgency to spur people into action, such as clicking a link or responding to a sender. Up to 38% of respondents (compared to 40% globally) will fall for messages about a security risk, such as a stolen password or a data breach, while a notice from a government entity or law enforcement can trick 37% (vs 36% global).  

• Sharing Positive News: 78% (vs 71% global) of respondents would take action if a message had a positive hook, like “free gift,” “you’ve been selected,” or “you’re a winner.” Gen Zers are more likely to act on a giveaway (32% vs 39% global) than a notice from the government (25% vs 31% global), while 38% (vs 44% global) of respondents would click on a link or reply to a message that offered a financial opportunity.

• Action Required: 69% (vs 60% globally) would respond to action-required phrases though respondents are most suspicious of requests to reset their password.

Spot the Signs

Consumers can better protect themselves by taking a few extra moments before clicking, including understanding the language scammers use. Among simple but effective best practices:

• Keep personal account information to yourself.

• Don’t click on links before verifying that they’ll take you where they say they will.

• Regularly check purchase alerts, which provide near real-time notification by text message or email of purchases made with your account.

• Call the number on corporate websites or the back of your credit and debit cards if you are unsure if a communication is valid. – TradeArabia News Service