Chubb finds high false sense of security over online payment protection

Young Asian women are some of the most vulnerable to cyberscams on consumers, with Thailand, Philippines and Indonesia identified as most at risk. Chubb carried out a global survey, The Impact of Cyberscams on Trust in Digital Payments, of 2,600 people in total, including individuals in the US, Mexico, Brazil, Thailand, Singapore, Vietnam, Indonesia and the Philippines. The survey focused on the growing impact of cyber fraud on consumers, the misconceptions regarding cyber protections, and the significant changes in consumer purchasing behaviour driven by escalating worries over cyber breaches. According to the survey, nearly half (46%) of respondents mistakenly believe their payments are protected. This false sense of security is compounded by the fact that 61% of participants have changed their behaviour or reduced their use of payment platforms due to fears about cyberscams, found the survey. All survey respondents have made a digital payment in the last year, and remarkably, 63% have been a cyberscam victim or know someone who has been. The impact of this fraud extends beyond financial losses, eroding trust in payment platforms, hindering adoption, concluded Chubb. “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 faced by individuals and businesses 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,” he added. Respondents were asked about nine different types of scams. They are most troubled by phishing/vishing and impersonation scams, as well as fake product or service purchases. Some 61% of respondents have changed their behaviour or reduced use of certain digital payment platforms over concerns. Key findings from Chubb’s survey include: Certain demographic and geographic survey audience segments report higher rates of being a victim of cyberscams: Women in Asia (33%). Younger people in the US (33%) and Asia (34%). At the market level, women in Thailand (39%), Philippines (38%), Indonesia (36%), and Brazil (32%). Trust levels vary among the respondent audience: 69% of women (vs 65% of total respondents) completely trust digital payment technologies. 68% of younger users (18-34 years old) do not completely trust these technologies. 96% of those who make international transfers and 94% who make transfers weekly either somewhat or completely trust digital technologies (vs 91% globally), even though they are more susceptible to cyberscams. Payment providers have an opportunity to close a trust gap: 32% of respondents don't trust the security of digital payment technologies. 36% don't trust their customer support. 29% don't trust platforms to protect their confidentiality. Insurance could promote greater trust and adoption of digital payments: 75% of respondents say transaction insurance would boost their trust. Impact of insurance is highest among consumers in Latin America – 84% would fully trust or trust payment technology much more if they had personal cyberscam insurance, and 82% for payment protection insurance. Many respondents also see AI as a way to enhance security.

Chubb finds high false sense of security over online payment protection

Young Asian women at high risk

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