Chubb Survey of Digital Payments and Cyber ​​Scams Reveals Growing Impact of Fraud on Consumers; Damage trust in payment methods – Chubb (NYSE:CB)

Globally, 61% have changed their behavior or reduced their use of digital payment platforms due to concerns about cyber scams. 75% say transaction insurance would increase their confidence and increase adoption.

NEW YORK, September 30, 2024 /PRNewswire/ — Chubb, a global insurance leader, today released the results of its new global survey, “The impact of cyber scams on trust in digital payments“, revealing the growing impact of cyber fraud about consumers, misconceptions about cyber protections, and significant changes in consumer purchasing behavior driven by growing concerns about cyber breaches.

Digital payments have become part of our daily lives and are increasingly crucial to fostering financially inclusive economies. Chubb's survey results define the critical role insurance plays in building trust and helping enable the growth of the digital payments ecosystem.

According to the survey carried out in the United States, Mexico, Brazil, Indonesia, Singapore, Philippines, Thailandand Vietnam – almost 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 behavior or reduced their use of payment platforms due to fear of cyber scams.

Declining trust threatens exponential growth

All respondents have made a digital payment in the last year and 63% have been victims of a cyber scam or know someone who has been. The impact of this fraud It goes beyond financial losses, eroding trust in payment platforms and hampering adoption.

“The future of digital payments is bright and insurance will help play a crucial role in shaping its trajectory,” he said. Sean RingstedDirector of Digital Business at Chubb. “At Chubb, we are committed to developing innovative insurance solutions that address the changing risks that people and businesses face in the digital age. By fostering a mindset focused on awareness, vigilance and protection, we can ensure that benefits of digital payments are accessible to all while mitigating the associated risks.”

Respondents were asked about nine different types of scams. The ones they are most concerned about are phishing/vishing and identity theft scams, as well as fake purchases of products or services. Around 61% of respondents have changed their behavior or reduced their use of certain digital payment platforms due to concerns.

Key findings from Chubb's Global Payments and Cyber ​​Scams Survey include:

Certain demographic and geographic audience segments in the survey report higher rates of being a victim of cyber scams.

• women in Asia (33%).
• The youngest in the US (33%) and Asia (34%).
• At the market level, women in Thailand (39%), Philippines (38%), Indonesia (36%), and Brazil (32%).

Threats of being hacked loom large

• 53% expressed concern about their account being hacked.
• 48% were worried about a possible data breach.
• 46% cited the possibility of being scammed as a barrier to trust.
• 37% indicated concern about their ability to recover their money in the event of a scam.

Trust levels vary among the audience surveyed.

• 69% of women (compared to 65% of all respondents) fully trust digital payment technologies.
• 68% of younger users (18-34 years old) do not completely trust these technologies.
• 96% of those making international transfers and 94% of those making weekly transfers somewhat or completely trust digital technologies (vs. 91% globally), although they are more susceptible to cyber scams.

Payment Providers Have an Opportunity to Close a Trust Gap

• 32% of respondents do not trust the security of digital payment technologies.
• 36% do not trust their customer service.
• 29% do not trust platforms to protect their confidentiality.

Insurance could promote greater trust and adoption of digital payments

• 75% of respondents say transaction insurance would increase their confidence.
• The impact of insurance is greater among consumers of Latin America – 84% would fully trust or trust much more in payment technology if they had personal insurance against cyber scams, and 82%, payment protection insurance.
• Many respondents also see AI as a way to improve security.

Methodology

The findings are based on a survey of 2,600 people in the US, Mexico, Brazil, Thailand, Singapore, Vietnam, Indonesia and Philippines which explored the impact of cyber scams on levels of trust in digital payments technology. The survey was conducted by Opinium on behalf of Chubb in June 2024. Respondents were adults who had made digital money transfers through traditional banking apps/fintechs/neobanks, or digital wire transfers in the past 12 months. The margin of error for the survey was +/- 2%.

About Chubb

Chubb is a global leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we evaluate, assume and manage risk with knowledge and discipline. We service and pay our claims in a fair and timely manner. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial strength and global local operations. Parent company Chubb Limited is listed on the New York Stock Exchange C.B. and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Parisand other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.

View original content to download multimedia:

SOURCE Chubb