Visa, the global digital payments company, has unveiled the results of its annual 'Stay Secure' study in Saudi Arabia. This study looked into consumer trends, digital commerce behavior, and how aware people are of online fraud risks.
The study surveyed 5,800 individuals over 18 years old across 17 markets worldwide, including Saudi Arabia. It showed a growing reliance on Artificial Intelligence (AI) tools for shopping experiences. At the same time, trust and security continue to be the most important factors when making online payments.
AI's Growing Role in Purchase Decisions
According to the study, a remarkable 90% of participants in Saudi Arabia used AI tools to help with their shopping. Specifically, 63% used AI to compare prices, 59% used it to get gift ideas, and 53% relied on it to check product ratings and user reviews.
Despite this widespread use, consumers are still cautious about fully completing purchases through AI. Only 33% expressed confidence in AI agents to finalize payments on their behalf.
Interestingly, 61% of participants also noted that AI helped them more easily spot fraud. Furthermore, 84% believe AI will play a crucial role in protecting consumers from online fraud in the coming years.
Social Commerce is Growing, But Fraud Follows
The study also highlighted the increasing trend of shopping through social media platforms, with 73% of Saudi consumers confirming they have previously bought products directly through these platforms.
However, the results also revealed higher risks associated with these channels. A significant 41% of participants reported experiencing financial fraud in the past twelve months. Of those who experienced fraud, 51% said the incident happened via social media platforms.
Rising Concerns About Children and Online Fraud
The study also shed light on growing worries about children being exposed to online fraud attempts. A large 91% of participants felt that children in their circles might find it hard to tell the difference between real activities and fraud attempts.
Additionally, 67% of consumers mentioned they had noticed cases of children falling victim to fraud while playing online games or shopping online. This really highlights the need to boost digital awareness among younger age groups and develop special protection tools for them.
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