Page 70 - ITU-T Focus Group Digital Financial Services – Recommendations

ITU-T Focus Group Digital Financial Services
Recommendations

scams; network down time that creates openings for fraud; agents asking for a customer’s PIN, increasing
vulnerability to fraud; and agents overcharging for transactions, such as deposits that are supposed to be free.

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The G20 High-Level Principles on Financial Consumer Protection also state that consumers’ rights come
with responsibilities, which include avoiding opportunities for fraud by protecting their security credentials
and following secure procedures. To that end, GSMA’s Code of Conduct for Mobile Money Providers states
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that DFS providers shall “educate customers on how to use mobile money services safely”. Regulators should
require clear disclosures regarding customer liability for certain actions along with education and awareness
programs to communicate and reinforce these rules.
Regulators should also require that providers regularly update customers (either through the media or by text)
on fraud trends that may impact them, with prevention tips (PIN controls, promotional scams, fake money
transfer messages, etc.).

18 GSMA Code of Conduct for Mobile Money Providers http:// www. gsma. com/ mobilefordevelopment/ programmes/ mobile- money/
policy- and- regulation/ code- of- conduct

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