A recent study by Mastercard has revealed that European consumers are becoming increasingly concerned about cybersecurity threats and the rising complexity of online scams.
According to the research, almost three-quarters of respondents reported feeling more anxious about cyber risks in the last two years than they did previously. Moreover, over two-thirds believe it is more challenging to safeguard their digital data compared to securing physical properties.
Increased Awareness and Action
These findings indicate a shift towards heightened vigilance; more than half of the participants admitted to contemplating online safety frequently, surpassing their worries about job security. Furthermore, 77% of respondents claimed they had fallen victim to scams within the past year. Among younger users, approximately one in four took action after such incidents.
The report also highlighted that consumers are being adversely affected by cybercrime. Over two-thirds stated that they would cease doing business with a retailer involved in fraudulent activities and might publicly share their experiences as a result. This behavior is particularly detrimental to small and lesser-known businesses, with 65% of respondents preferring major retailers for purchases following such incidents.
Risks for Smart Device Users
Smart device users face their own set of challenges. About one in four experienced fraud related to connected home devices last year, although most remain more concerned about traditional burglary risks. Despite these worries, many individuals are adopting preventive measures such as altering passwords and using distinct networks for their smart devices.
Artificial Intelligence (AI) poses another significant concern. A majority of Europeans anticipate AI to escalate the sophistication of cyberattacks, with nearly eight in ten expressing anxiety about automated attacks and AI-generated phishing attempts. However, only a small percentage feel confident in recognizing these AI-driven scams.
Mastercard officials emphasized the need for public awareness and education, noting that 67% of consumers seek formal training on identifying and responding to scams.
