A survey conducted by Kaspersky on electronic payments showed that 57% of users in Egypt encountered phishing attempts when using online banking services or digital wallet services.

It also said that 54% of users encountered fake websites and 57% of phishing attempts occurred through text messages or phone calls using social engineering methods.

When asked about their awareness of the threats they may face when using digital payment methods, the majority of study participants reported being familiar with phishing attacks (87%) and online fraud attempts (89%), and 83% said they were familiar with malware banking software targeting computers and mobile phones. This type of malware steals money from users’ bank accounts.

However, 92% of the respondents believed that banks and digital payment companies should work to raise users’ awareness of online threats.

The list of security features consumers would like to see on existing banking apps and digital wallets include:

• Sending a one-time passcode (OTP) via SMS for each payment transaction (80%).

• Adopting biometric security features, such as facial recognition or fingerprint (53%).

• Requiring two-factor authentication (42%).

• Automated capabilities to detect fraudulent transactions and intervene to prevent them (63%).

• Comprehensive encryption (35%).

“Whether we are talking about the spread of phishing or mobile malware, it is important to establish some basic cybersecurity standards,” said Imad Al-Haffar — Chief Technical Expert for Kaspersky Middle East, Turkey, and Africa.

“Backed by other preventative measures, such as a good awareness of digital security and regular password changes, it can help maintain the security of financial transactions made through digital channels.”

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