Research: digital illiteracy makes people more vulnerable to cyber fraud

By: Trademagazin Date: 2025. 11. 24. 11:06

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Digital ignorance directly increases vulnerability: those who believe fake content generated by artificial intelligence (AI) on social media to be real become three times more vulnerable to fraud, according to Visa’s latest representative research, which was presented jointly with Cyber Shield on Monday – the Hungarian Banking Association informed MTI.

According to Visa’s research, nearly a quarter of Hungarians have shared a post without checking its authenticity. Nearly a third rarely read beyond the headline on social media or news sites before forming an opinion, and nearly 8 percent of social media users admitted to taking no steps to ensure their online safety, the banking association said in a statement.

They added,

The impact of fraud goes beyond financial loss: it causes emotional stress, increased anxiety and reduced efficiency.

This was reported by 20 percent of those affected, and a third of victims spend more than 3 working days resolving the abuse. An estimated 2.6 million Hungarians have changed their online shopping habits after being scammed or targeted by fraud: 40 percent of them say they buy less online and avoid smaller or unknown brands.

It was reported that the number and rate of digital fraud has increased sharply in recent years, both globally and in Hungary. In the ever-changing cyberspace, prevention and support for law enforcement can only be effective if financial, regulatory, governmental and law enforcement actors act in a coordinated and proactive manner.

This work is reinforced by the new book “Cybersecurity – cyberspace” by Levente Kovács and Elemér Terták, which was presented by the Hungarian Banking Association simultaneously with the Visa research.

Levente Kovács, Secretary General of the Hungarian Banking Association, university professor, highlighted in the announcement: currently, the stakes are to maintain the digitalization achievements, as without a safely usable cyberspace, the achievements will be lost.

In the present era The biggest challenge is protecting cyberspace: today, cybercrime is the most profitable industry. Due to the rapid development of cyberspace, criminals still have a technological advantage, so the role of prevention and defense has become more important.

This work requires the systematization, presentation, understanding and prediction of cyberattacks, and the new textbook provides the theoretical background on which effective educational, defense, regulatory and law enforcement structures can be built, he added.

The cooperation of businesses, state actors and professional organizations – building on initiatives such as the Cyber Shield program – is essential for Hungary to continue to offer a safe, transparent and competitive digital environment

– they wrote.

The Cyber Shield Program, launched in November 2022, is a cybersecurity education and communication initiative aimed at preventing online financial fraud and protecting retail consumers and corporate clients. The program’s cooperating partners are: Ministry of Justice, Hungarian State Treasury, Hungarian Banking Association, Hungarian National Bank, Mastercard, National Security Service National Cyber Security Institute, Ministry of National Economy, National Media and Communications Authority, National Protection Service, National Police Headquarters, Financial Mediation Board, Regulated Activities Supervisory Authority, Szerencsejáték Zrt., Visa.