- 98% of surveyed consumers in Nigeria have taken precautions to secure payments, indicating an increase in online savviness as digital payments gain momentum.
- 59% of surveyed consumers considered themselves knowledgeable when it comes to recognizing fraud and scams. Although 64% admitted to being victims of a scam
- 79% mostly or completely trust digital payments despite potential scams; 86% expect to use them more in the next 12 months.
- 96% worry their family or friends might fall for a scam.
A new study commissioned by Visa reveals a rise 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 now actively take precautions to secure their online transactions, showcasing increased savviness as digital payments gain momentum.
While 64% of respondents in Nigeria acknowledge their vulnerability to scams like phishing, the increased adoption of security measures and preference for stronger authentication indicate a positive shift in consumer behavior since the last edition of the Stay Secure study in 2023.
Consumers are now actively spotting red flags and verifying the legitimacy of online interactions, showing a marked increase in awareness.
Other key insights emerging from the research bode well for the continued acceleration of digital payments across the region, with over three-quarters of all respondents stating that they mostly or completely trust digital payments, regardless of the threat of fraud. 86% of consumers across Nigeria anticipate that they will increase their use of digital payments over the next year.
“The digital payments landscape is evolving rapidly, and consumers across Nigeria are embracing its convenience while becoming more vigilant about security,” said Andrew Uaboi, Vice President & Head, Visa West Africa. “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.”
The ‘Stay Secure’ study highlights evolving consumer preferences, which could offer Visa’s stakeholders actionable intelligence for trust-building strategies and inform the creation of educational materials to empower consumers against fraud.”
Key Findings of the Visa Stay Secure Study:
- 94% surveyed in Nigeria utilize e-commerce payment methods.
- 82% surveyed in Nigeria are more likely to trust payment programs run by the government (e.g., instant payments, local cards, etc.) if they partnered with a well-known brand like Visa.
- 51% surveyed in Nigeria feel more secure using digital payments.
- 56% surveyed in Nigeria leverage online credit or debit card payments.
- 54% surveyed in Nigeria note that news about cyber fraud (e.g., data breaches, email scams, phishing, etc.) has impacted their use of digital payments.
- 43% rank Boomers (60-78) as most likely to fall victim to online scams.
Visa’s Commitment to a Secure Digital Future
Visa has been at the centre of AI in payments, investing $3.3 billion in our AI and data infrastructure over the last decade. In 2024, it introduced three new AI-powered risk and fraud prevention solutions, as part of the Visa Protect suite, that are designed to help reduce fraud across immediate A2A and card-not-present (CNP) payments, as well as transactions on and off Visa’s network.
As the world’s largest SaaS platform, Visa combats cybercrime by deploying cutting-edge tools, expertise, and processes to help identify and mitigate fraud. The impact is undeniable: In the past year, Visa blocked $40 billion in fraudulent payment value, prevented 80 million fraudulent transactions, and averted over $122 million in estimated e-commerce fraud through malware detection.