71% of consumers surveyed in Saudi Arabia own cryptocurrency, but are still concerned over possible scams

December 20, 2023

As cryptocurrencies become ‘the new normal’, Kaspersky conducted a survey^[1] to study consumers’ attitudes to using them. 71% of respondents in Saudi Arabia currently own crypto, and 70% said they are well aware how to use cryptocurrencies. The study also discovered that almost half (46%) 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 (46%). Besides, the majority (91%) is 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 (66%) and in-game purchases or upgrades (43%), but 57% would also use it to buy gaming equipment such as special keyboards.

Respondents also mentioned they would like to use cryptocurrency to buy clothes (47%) and groceries (42%).

As for concerns and risks related to using crypto, volatility and scams were named by 56% 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 last few years. Now more than a half of respondents (70%) 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, 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 advice diversifying your investments.
Use proven cryptocurrency hardware wallets.
Run high-quality antivirus protection to protect the devices you use to access crypto wallets, trade on crypto exchanges.

Full report ‘The Super Sale Game: who’s the winner? A study on how we shop and pay’ is available via the link.

Also previously in November Kaspersky conducted a survey ‘The dark side of Black Friday: decoding cyberthreats around the year’s biggest shopping season’, dedicated to spam and phishing during Black Friday. The full report is available via the link.

^[1] A new global survey ‘The Super Sale Game: who’s the winner? A study on how we shop and pay’, conducted by Arlington Research for Kaspersky, explores consumers’ views and attitudes towards cryptocurrency.