Page 112 - FerMUN 2020 - Futurecasters Global Young Visionaries Summit, 8th-10th January 2020
P. 112

COUNCIL: The International Telecommunication Union 1
               ISSUE: Setting quality and accountability standards for the development of digital financial
               services
               SUBMITTED BY: Switzerland
               COSIGNATORS: Apple, Australia, Colombia, DRC, Finland, France, Germany, Google, India,
               Indonesia, Israel, Italy, Japan, Kenya, Mexico, Netherlands, Norway, Russia, Singapore, South
               Korea, Spain, Sweden, United Kingdom, USA

                      The International Telecommunication Union committee 1,


                      Alarmed by the lack of security of digital financial services causing fraud, corruption,
               cybercrimes, etc.,


                      Aware  of  the  superficial  exploitation  of  this  digital  platform  due  to  its  novelty  and
               recency,


                      Recalling the lack of customer information when they perform financial actions using
               digital means during numerical financial actions, leading to legal troubles,

                      Stressing the responsibility of companies in the face of these difficulties, their lack of

               capital to solve them and their refusal  to cooperate,

                           Alarmed  by  the  lack  of  security  accompanying  digital  financial  services,  leading  to

               communication failures, identity theft, lack of price transparency, lack of customer access to
               redress and fraud, but also money laundering, financing of terrorism, problems of cyber attacks
               and even cyber crime,


                      Aware of the superficial exploitation of this digital platform which is very recent and
               needs to be regulated urgently and conscientiously,


                      Recalling  the  lack  of  information  transmitted  to  customers  during  digital  financial
               actions leading to legislative turmoil,


                      Stressing the responsibility of companies in the face of these difficulties, their lack of
               investment to resolve them and their timid efforts to cooperate in a transparent and effective
               manner,


                   1.  Further recommends the implementation of :
                          a.  USSD, 4G and 5G standards, SMS but also the standards governing payment
                              and money transfer applications,





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