This year’s celebration focused, among others , on the role of the consumer associations in ensuring access of consumers to safe , secure and stable digital financial products and services. The preparation and the events were overshadowed by the unprecedented increases in world oil prices that resulted in high retail oil prices across oil importing countries , including the Philippines and affected most of the consumers .
I am privileged to be one of the five ( 5 ) panelists in the agenda of Managing and Mitigating Consumer risks in digital finance, products and services . The latest research from the Consultative Group to Assist the Poor or CGAP, a unit under the World Bank, has identified over sixty (60) consumer risks in digital finance, some of which has increased in scale over the past few years. How can innovative solutions protect and empower consumers from these emerging risks. The session spotlight tools and approaches to address these risks from the research of CGAP as well as the Peruvian Financial regulator.
The panelists were three ( 3 ) from CGAP, the Deputy Superintendent of Market Conduct and Financial Inclusion from SBS Peru and myself .
There are four (4) major risks identified in the study ,namely , Fraud ,Data Misuse, lack of transparency and inadequate redress mechanism .
Fraud includes sim swap fraud and mobile app fraud. Data Misuse include algorithmic bias , and unfair practices like social sharing. Both fraud and data misuse are…