Banking Fraud Types in Morocco: A Growing Concern for Retailers

Trust in Contactless Payments

A recent survey conducted by Visa revealed that four-fifths of Moroccan consumers have a high level of confidence in contactless cards for shopping in-store and payment on delivery. Despite this trust, many consumers lack adequate knowledge about the technology behind digital payments, leading to concerns about security.

Lack of Understanding and Concerns

According to the survey, 75% of respondents said knowing how tokenization works would help build their confidence in digital payments and resolve lagging doubts about the safety of digital transactions. The research also found that 86% of consumers are using contactless payment methods more frequently since the pandemic.

Fraud Concerns

The study, which interviewed 600 people in Morocco, revealed that many consumers are concerned about the misuse of lost or stolen contactless cards. Additionally:

• 32% of respondents said they have experienced an online fraud attempt
• Card fraud was the most common type (23%)

Consequences of Authentication Delays and Errors

When faced with authentication delays or errors, 74% of consumers would rather switch retailers or shop in-store, resulting in potential lost sales. The survey also found that:

• 43% of consumers increased their use of digital payments during the pandemic
• 51% of consumers prefer to store their card information on merchants’ sites for easier checkout experiences

Consumer Behavior and Preferences

In terms of online shopping, many consumers would rather switch retailers or delete their online profiles rather than contacting the merchant’s customer service or informing their bank. The findings suggest that retailers should be concerned about the growing trend of digital payments and the potential risks associated with them.

Recommendations for Retailers

By educating consumers about the technology behind contactless payments and implementing robust security measures, retailers can build trust and confidence in digital transactions, ultimately driving growth and reducing fraud. Overall, the survey highlights the importance of understanding consumer behavior and preferences when it comes to digital payments in Morocco.

Key Takeaways

• 86% of consumers are using contactless payment methods more frequently since the pandemic
• 32% of respondents have experienced an online fraud attempt
• 51% of consumers prefer to store their card information on merchants’ sites for easier checkout experiences

As Morocco continues to shift towards a cashless society, it is crucial for retailers to prioritize security and convenience to meet the evolving needs of consumers. By doing so, they can build trust and confidence in digital transactions, driving growth and reducing fraud.