Cyber scams prompt behaviour change in 61% of users

Chubb says insurance can play a key role in digital payments.

While digital payments are becoming integral to daily life and are vital for financial inclusion, 63% have either been victims of cyber scams or know someone who has. The most troubling scams include phishing, impersonation, and fraudulent product or service purchases, Chubb 's "The Impact of Cyber ​​Scams on Trust in Digital Payments," report revealed.

Chubb's findings emphasize the crucial role insurance can play in restoring trust in digital payments. 

According to Sean Ringsted, Chubb's chief digital business officer, insurance will be critical in shaping the future of digital payments by addressing emerging risks and promoting security.

The survey, conducted in the US, Mexico, Brazil, Indonesia, Singapore, the Philippines, Thailand, and Vietnam, revealed that nearly half (46%) of respondents mistakenly believed their digital payments were protected, while 61% had changed their behavior or reduced use of payment platforms due to concerns about cyber scams.

Cyber ​​scam rates are higher among specific demographics, with 33% of women in Asia and younger people in the US (33%) and Asia (34%) reporting being victims. Women in Thailand (39%), the Philippines (38%), and Indonesia (36%) also face higher rates of cyber scams.

53% of respondents are concerned about their accounts being hacked, while 48% worry about data breaches.

Trust in digital payment platforms varies, with 69% of women and 96% of those making international transfers expressing greater trust in these platforms.

75% of respondents said transaction insurance would increase their trust in digital payments. This sentiment is especially strong in Latin America, where 84% would trust payment technology more if they had cyber-scam insurance.

The survey, conducted by Opinium on behalf of Chubb in June 2024, polled 2,600 adults who had made digital transfers within the past year. The margin of error for the survey is +/- 2%.