Global insurance company Chubb has revealed its newest global survey, titled “The Impact of Cyber Scams on Trust in Digital Payments”, pointing to the growing consequences of cyber fraud on consumers and misunderstandings regarding cybersecurity measures that protect digital transactions. The survey also points to sublime changes in consumer behaviour resulting from increased anxiety about Cybercrime.
Given that digital payments are gradually integrating into consumers’ lives and are widely promoted as one of the tools to extend access to financial services to as many people as possible, Chubb’s insights reveal the potential of insurance in fostering trust in the new digital payment ecosystem.
Undertaken across the U.S., Mexico, Brazil, Indonesia, Singapore, the Philippines, Thailand, and Vietnam, the survey highlighted that 46% of respondents currently think they have payment protection as per the money they pay. The attitude further fuels such overconfidence since 61% of the respondents have changed their payment behaviour because of cyber scams.
From the survey, 63% of the participants reported that they were either scammed online or they know someone who was and thus have lost trust in payment processors.
“The future of digital payments is bright, and insurance will help play a crucial role in shaping its trajectory,” said Sean Ringsted, Chubb’s Chief Digital Business Officer. “At Chubb, we are committed to developing innovative insurance solutions that address the changing risks individuals and businesses face in the digital era. By fostering a mindset focused on awareness, vigilance, and protection, we can ensure that the benefits of digital payments are accessible to all while mitigating the associated risks.”
The respondents’ most significant sources of worry were phishing impersonation scams, and fraudulent product purchases. Specific consumer demographics and geographic locations, including women of Asia and the youth of the U.S. and Asia, revealed higher rates of scam victimization.
While 69% of women claimed to embrace digital payments, 32% of all the respondents feel they need to be more secure in digital payment platforms. Crucially, three-quarters consider that transaction insurance would increase confidence in these technologies, with Latin Americans displaying the greatest desire for cyber-scam insurance.
For detailed information, click on Key Findings from Chubb’s Global Payments and Cyber Scams Survey.
In June 2024, Chubb polled 2,600 adults and found that people are becoming more vulnerable to cyber threats — and the need for better safeguards and consumer protections is increasing.
Please visit About Chubb for more information.
