Shashank Singh
October is Cybersecurity Awareness Month, a moment that aligns perfectly with Qatar’s Vision 2030 by emphasizing the importance of building a resilient and trusted digital ecosystem to secure its future prosperity. As the nation accelerates toward a cashless economy - driven by high smartphone adoption, fast internet, a young and tech-savvy population, and its ambitious national goals - the need to protect its digital economy has never been greater.
One of the most significant shifts in Qatar’s payment landscape is the rise of account-to-account (A2A) transfers, which move funds directly between bank accounts. Offering near real-time availability, they are far faster than traditional methods like checks. While convenient, this speed and accessibility also creates new opportunities for criminals.
Fraud tactics like social engineering, phishing, and supplier impersonation are not new, but instant payments have made them increasingly effective. Globally, account takeover fraud caused $13bn in losses in 2023, up from $11bn in 2022, according to Javelin reports .
Beyond technology, human behavior remains the most easily exploited vulnerability. Fraudsters increasingly persuade customers to authorize payments on their behalf. Two rising tactics stand out: “quishing,” which uses QR codes to lure users to fake sites to steal credentials, and the misuse of legitimate remote monitoring tools to gain system access under the guise of IT support.
Other countries have faced similar challenges. In Britain, authorized push payment (APP) fraud has become so common that regulators now require banks to reimburse most victims. Singapore has also seen fraud rise alongside digital payment adoption. While Qatar has yet to implement similar rules, considering such measures proactively could strengthen consumer confidence as digital payments grow.
Addressing these threats demands innovation and collaboration. Visa, long known for securing card payments, now protects all forms of money movement, including A2A transfers. Using artificial intelligence and machine learning, Visa analyzes transactions in real-time to detect anomalies, which helped block an estimated $40bn in global fraud in 2023. In Qatar, Visa works with the financial ecosystem to tailor solutions through training and technology partnerships.
Technology alone is not enough. The entire payment ecosystem must strengthen its resilience without harming user convenience. This includes financial institutions making strong authentication thedefault, embedding educational resources in apps, and communicating clearly about emerging threats. Tiered, risk-based controls can slow high-risk transactions for extra checks, while banks share intelligence on scam patterns. Regulators can support this by setting clear data-sharing rules and fraud-reduction targets.
A2A payments are becoming central to Qatar’s financial system, used by migrant workers sending remittances, small businesses paying suppliers, and citizens accessing e-government services. While instant, secure transactions are a sign of progress, unchecked fraud could erode trust and slow adoption, potentially undermining Vision 2030 goals. As experience elsewhere shows, fraud evolves as fast as payment innovation, demanding adaptive defenses that combine advanced analytics, cross-border cooperation, and shared customer protection standards.
Cybersecurity Awareness Month is an opportunity to reinforce that trust is the foundation of digital commerce. Visa’s mission, working alongside Qatari authorities and banks, is to continue ensuring that trust grows in lockstep with the nation’s digital ambitions. With the right safeguards, Qatar can balance speed with security, realize the full benefits of modern payments, and minimize the risks. A secure A2A environment will unlock the potential of digital commerce, supporting a prosperous and digitally empowered future.
