Page 20 - FIGI Digital Financial Services Consumer Competency Framework

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1�6 Understand what is personal data and the risks to personal data
To understand how data will be used. To understand the risks related to sharing personal information, and protect one-
self and others from risks.
Knowledge Area CA1.6-K1 Know that data is a valuable source of information which might be subject to
theft and can cause potential harm to the individual.
CA1.6-K2 Know that data can be collected and shared without the authorization from
the individual and might be used for a different purpose other than the one initially
stated
CA1.6-K3 Know not to disclose any personal information about one’s DFS account .
CA1.6-K4 Know that personal data can be sold and used by third parties for targeted
marketing.
CA1.6-K5 Know your rights under existing data protection and privacy laws.
CA1.6 -K6 Know what personal data will be collected by the DFS provider and the
implications.
Skills Area CA1.6-S1 Understand what data is being collected, how it will be used, and what
options one has regarding such use, how long the information will be retained and
whether the data will be disclosed to third parties, and how users can enforce their
rights.
CA1.6-S2 Understand what informed consent is, how and when to consent and how it
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can be withdrawn .
CA1.6-S3 Understand that data (such as financial data) can be collected and result in
the provision (or denial) of DFS. [For gender sensitivity: Understand that such infer-
ences can be gender biased and therefore condition the access of women to DFS].
CA1.6 -S4 Understand the extent to which customer data will be shared with third par-
ty service providers.
Proactive steps CA1.6-P1 Make informed choices based on the evaluation of the risks to personal data.
CA1.6-P2 Responsibly protect one’s and other’s personal data when using DFS
CA1.6–P3 Deny the DFS provider permission to collect sensitive information not nec-
essary for the service being offered.
CA1.6–P4 Critically evaluate what information are you share.

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