May 22, 2024

77% of consumers surveyed in Middle East own cryptocurrency, still concerned over possible scams: Kaspersky

As cryptocurrencies become ‘the new normal’, Kaspersky conducted a survey to study consumers’ attitudes to using them. 77% of respondents in the Middle East currently own crypto, and 66% said they are well aware of how to use cryptocurrencies. The study also discovered that almost half (48%) of consumers believe crypto is the future of shopping and would be happy to use it as an everyday payment option. 

Almost half of the respondents believe that crypto payments will become a common choice for online shopping (48%). Besides, the majority (91%) are comfortable with making online and offline purchases with crypto in the future. 

Consumers would like to use crypto to buy items related to their passion such as video games (65%) and in-game purchases or upgrades (46%), but 56% would also use it to buy gaming equipment such as special keyboards. 

Respondents also mentioned they would like to use cryptocurrency to buy clothes (45%) and groceries (41%).

As for concerns and risks related to using crypto, volatility and scams were named by 55% of respondents. Perceived potential vulnerability has put off some shoppers, as 18% are unsure of how to protect cryptocurrency adequately, making them less likely to use it.

“Our survey results show users’ understanding of cryptocurrency has grown over the last few years. Now more than half of respondents (66%) are sure that they are extremely or very knowledgeable about digital money. We support the needs of the crypto community by adding special protection features to our comprehensive security solutions such as Kaspersky Premium, so our customers can work with cryptocurrency without risking their money and personal data in cyberspace,” comments Marina Titova, Vice-President of consumer Product Marketing at Kaspersky. 

Kaspersky’s experts share some tips on using crypto:

• Always verify a Web wallet’s address, and do not follow links to an Internet bank or Web wallet.

• Before sending, double-check the recipient’s address (at least check the first and last characters), the amount being sent, and the size of the associated fee.

• Write down a mnemonic phrase that allows you to recover a crypto wallet if you lose it or forget your password.

• Keep calm and make informed decisions when crypto investing; do not be rushed or in a panic.

• Always remember that crypto investment is very risky. Do not invest more than you are ready to lose at any moment. Experts will always advise diversifying your investments.

• Use proven cryptocurrency hardware wallets.

• Run high-quality antivirus protection to protect the devices you use to access crypto wallets, and trade on crypto exchanges.

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