Visa Report: 96% of digital payment users at risk of cyber fraud
Visa’s latest Stay Secure study paints a revealing picture: Nigeria is racing ahead in digital payment adoption, but cyber fraud is close behind. The data shows rising consumer trust, but the threat of phishing, scams, and data breaches remains alarmingly real.
If you use digital payments in Nigeria, you're likely part of the 94% embracing online transactions. That's nearly the entire country, tapping phones, swiping cards, and buying online. But here's the catch — according to Visa’s ninth Stay Secure report, 96% of users are still at risk of cyber fraud. That’s not a small warning. That’s an alarm.
This isn’t just theoretical risk, either. The study, which surveyed 5,800 people across 17 countries in the CEMEA region, found that 64% of Nigerians have already fallen victim to scams like phishing. That number doesn’t just reflect vulnerability; it shows how deeply cybercrime has embedded itself in our day-to-day financial lives.
And yet, there’s a silver lining. Nigerians aren’t sitting ducks. The same study shows 98% of respondents in Nigeria are now actively taking steps to secure their digital payments. That’s a staggering level of vigilance and a strong sign of digital maturity. Despite the threats, the tide is turning toward greater awareness and action.
Trust is growing, too. A full 79% say they trust digital payments, and 86% plan to use them even more in the next 12 months. That tells us something powerful: People aren’t backing away from tech. They’re demanding safer ways to engage with it.
Interestingly, this trust extends beyond commercial platforms. When government-backed payment programs are partnered with brands like Visa, 82% of users say they’re more likely to trust them. That kind of brand association isn’t just marketing fluff — it’s central to building confidence in national financial infrastructure.
Andrew Uaboi, Visa’s VP for West Africa, puts it bluntly: fraud is evolving, so the defense must too. As scams become more complex, education and industry collaboration are our only real shields. And clearly, Nigerians are learning fast.
But education can't be a one-off campaign. It has to be ongoing. The fact that 43% of Nigerians think older adults are the most at risk underscores the need for targeted outreach. Fraud doesn’t hit evenly — it hits where people are least prepared.
There’s a lot in this report for policymakers, payment providers, and everyday users to unpack. But the message is clear: digital payments are here to stay — and so is the need to stay sharp.
➪ For full details, read Visa’s latest Stay Secure study.
➪ Want to know how to spot phishing scams? Check this guide to online fraud prevention.
