Digital payments are reshaping how the world handles money, offering unprecedented convenience and efficiency. But as adoption grows, so does the challenge of staying ahead of scams and fraudsters. At Visa Studios, the findings of the 2024 Visa Stay Secure III Survey were unveiled, offering insights into the evolving landscape of digital payment security across 17 markets, including Kenya. The survey, which polled over 5,800 adults globally, highlights both the opportunities and risks in the digital payment space. Here’s what we learned—and what it means for consumers and businesses alike.
Trust in Digital Payments Is Growing, but So Are the Risks
The survey reveals a global surge in confidence toward digital payments, with 73% of respondents worldwide expressing trust in these methods. In Kenya, that trust is even higher, at an impressive 86%, outpacing regional peers like South Africa (73%), Nigeria (78%), and Côte d’Ivoire (79%). Kenya’s leadership in digital payments is no surprise—it is the birthplace of M-PESA, the pioneering mobile money platform that revolutionized financial inclusion.
Yet, this optimism comes with a caveat. While trust is on the rise, so is exposure to scams. A staggering 93% of people globally worry that friends or family could fall victim to fraudulent schemes. Scammers are becoming more sophisticated, and consumers must remain vigilant to protect themselves.
Kenya’s Digital Payment Boom
Kenya continues to set the pace in digital adoption. According to the survey, 90% of Kenyans now make online payments, and 75% plan to rely even more on digital methods in the future. Notably, the use of debit and credit cards has doubled since 2023, a trend that has caught the attention of Visa and local financial institutions.
This shift underscores Kenya’s role as a leader in the digital economy, but it also highlights the need for heightened security measures. As more Kenyans embrace digital payments, the potential for fraud increases, making education and awareness critical.
The Naive Consumer Paradox
One of the survey’s most striking findings is the disconnect between confidence and behavior. While 97% of respondents believe they can spot a scam, 86% admit to acting on scam-like messages. For example, imagine receiving a text claiming you’ve won a million shillings out of the blue. Instead of dismissing it as too good to be true, many people fall into the trap.
These “honeypot messages” are designed to bypass logic, ignite the Fear of Missing Out (FOMO), and push recipients to act impulsively. The survey identified the top scam triggers as:
– “Security risk” alerts (56%)
– “Account frozen” warnings (52%)
– “Financial opportunities” (36%)
The lesson is clear: think before you click.
Small Steps, Big Impact
On a brighter note, the survey found that two-thirds of consumers are taking proactive steps to protect themselves. These measures include:
– Avoiding sharing credentials
– Monitoring bank statements regularly
– Setting transaction alerts
While these may seem like small habits, their impact on digital security is significant. If more people adopt these practices, the harder it becomes for scammers to succeed.
The Trust Gap Across Africa
Kenya’s 86% trust in digital payments stands out, particularly when compared to its regional peers. South Africa lags at 73%, while Nigeria and Côte d’Ivoire sit at 78% and 79%, respectively. Kenya’s edge likely stems from its long history with mobile money, pioneered by M-PESA. However, trust alone isn’t enough—education and awareness remain critical to closing the gap between confidence and caution.
Staying Ahead of Honeypot Traps
Scammers thrive on impulsive reactions. Messages like “You’ve won a million!” or “Your account is at risk!” are crafted to make recipients act without thinking. To avoid falling into these traps, consider the following tips:
– Pause and reflect: Ask yourself, “Does this make sense?”
– Set a 24-hour rule: Wait a day before acting on unexpected offers or alerts.
– Unsubscribe: Reduce exposure by opting out of promotional alerts.
Don’t Let FOMO Fool You
The 2024 Visa Stay Secure III Survey paints a clear picture—digital payments are here to stay, and trust in them is growing. But with that growth comes responsibility. Scammers are relentless, preying on our impulses and exploiting our trust. Staying secure starts with staying vigilant. Educate yourself, protect your loved ones, and think twice before clicking.
As Kenya continues to lead the way in digital payment adoption, the role of companies like Visa in fostering secure, innovative solutions will be crucial. By combining cutting-edge technology with consumer education, the digital payment ecosystem can thrive while minimizing risks. After all, in the world of digital payments, a little caution goes a long way.