Study: 89% of users in Egypt increased their use of digital payments by 2021

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According to a study by the Russian Research Center Kaspersky, 89% of those surveyed about digital payments in Egypt increased their use of digital wallets and digital banking services in the year 2021. The Corona pandemic was one of the most important factors that contributed to this transformation, as 67% of the study participants said They have started using digital payments services during the pandemic. Online payment services helped 62% of users maintain physical distance, while 90% expressed reliance on digital banking services and digital wallets even after the pandemic ended.

The ease of use of digital payments encouraged users in Egypt to rely on banking technologies. 89% of the respondents in the study expressed their appreciation for the ability to pay at any time and from anywhere, while 54% said that digital banking services and mobile digital wallets facilitated the management of their financial information.

The proliferation of digital payment services is attracting cybercriminals looking for opportunities to exploit for financial gain. According to Kaspersky experts, financial attacks in Egypt increased by 18% in 2021 compared to the previous year. Egypt also witnessed a 30% increase in the clipBanker malware attacks, which is the most used financial malware in Egypt, in 2021 compared to 2020. In this context, experts expect that the growth in the volume and numbers of digital services will lead to the emergence of new security vulnerabilities that give way against electronic attacks.

When users were asked about their reservations about using online payment and banking apps, 52% said they feared storing their financial information online, while 30% were concerned that their devices were not sufficiently secured. 21% said they do not trust the security of these platforms, while 28% said they had no reservations about it.

Imad Al-Haffar, Chief Technical Expert at Kaspersky, said that digital payment services have become popular with many new users, despite concerns and reservations, noting that the pandemic has provided an opportunity for users to understand and accept these services.

He added, “The growth and development of the cashless economy requires an informed understanding of the digital risks related to electronic transactions. As users are satisfied with digital payment applications, application developers and service providers should check for any security holes throughout the payment process, and ensure that security features are developed that earn users trust. new users and keeps existing users protected at all times.

Kaspersky experts recommend users in Egypt to take the following steps to benefit from digital payment technologies securely:

• Never share your PIN, password, or other financial information, in person or online.

• Avoid using public networks to make online digital payments.

• Use a separate bank card for digital transactions, and set a credit limit on the exchange, to help keep track of transactions.

• Shop only at authorized and official websites.

Kaspersky also recommends that developers, banks and companies providing digital payment services take the following measures:

• Ensure to invest in integrated security solutions that include the ability to identify fraud attempts at various levels of financial transactions and points of interaction with the user.

• Sophisticated APT attacks on financial institutions are on the rise, so having a clear view of threats is essential to ensure business continuity.



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