A new global survey by Chubb reveals the growing impact of cyber scams on consumer trust in digital payments. The report, titled The Impact of Cyber Scams on Trust in Digital Payments, highlights increasing concerns over cyber fraud, with nearly half (46%) of respondents mistakenly believing their payments are fully protected. Despite this, 63% of participants have either experienced a cyber scam or know someone who has.
As digital payments become more integrated into daily life, 61% of consumers have adjusted their behavior or reduced their use of digital payment platforms due to fears of fraud. Phishing, impersonation scams, and fake purchases are among the top concerns, with 53% worried about account hacks and 46% seeing scams as a barrier to trust.
The survey, conducted across the U.S., Mexico, Brazil, and several Asian countries, found younger people and women in regions like Thailand and the Philippines to be especially vulnerable to scams. Trust in digital payments remains mixed, with 69% of women trusting these platforms, while 68% of younger users are more skeptical.
Insurance emerged as a potential solution, with 75% of respondents stating that having transaction insurance would boost their confidence in digital payments. This is particularly true in Latin America, where 84% expressed greater trust in payment technologies if insurance were in place.
Sean Ringsted, Chubb's Chief Digital Business Officer, emphasized that insurance could play a critical role in building trust and driving the future of digital payments, ensuring consumers remain protected from evolving cyber threats.
Download the report on Chubb's website
