A majority of consumers believe it is more difficult to secure their information on digital platforms than in their physical homes, according to recently published research.
The stigma associated with falling victim to online scams leads many consumers to feel too ashamed to report incidents. A report from Mastercard reveals that 76% of consumers are more concerned about cybersecurity than they were two years ago. Additionally, 70% believe that securing personal information on digital platforms is increasingly challenging.
This concern is felt globally, with Singapore (89%), Brazil (86%), and India (81%) reporting higher levels of anxiety, while the US (78%) and the UK (74%) align with the global average. The report notes that cybersecurity has entered everyday discussions, with nearly half (44%) of respondents prioritizing it over job security.
While regional differences are minimal, younger consumers are more vulnerable to online fraud. Although 80% of consumers have encountered a scam attempt in the last year, engagement decreases with age: Gen Z (43%), millennials (39%), Gen X (22%), and Boomers (14%).
The most common form of fraud involves shopping and retail (39%), followed by investment and crypto scams (35%), identity theft (33%), and romance scams (29%). Despite these alarming statistics, stigma continues to hinder efforts to address cybersecurity concerns. Over half (56%) of respondents expressed shame about potentially falling victim to an online scam, and 49% said they would feel too embarrassed to disclose a fraudulent transaction.