Page 28 - FIGI Digital Financial Services Consumer Competency Framework

Endnotes

1 https:// www .forbes .com/ sites/ maggiemcgrath/ 2015/ 11/ 18/ in -a -global -test -of -financial -literacy -the -u -s/ #3a7b14e658f0
2 Customers have a low understanding of the information shared by providers in terms of (1) pricing, (2) terms and
conditions, and (3) how their personal data is shared. See, https:// www .microsave .net/ wp -content/ uploads/ 2019/ 09/
Digital -Credit -Kenya -Final -report .pdf
3 See https:// www .theguardian .com/ technology/ 2017/ mar/ 03/ terms -of -service -online -contracts -fine -print
4 However, low confidence has also been recognised as a barrier to use of financial services https:// www .oecd
-ilibrary .org/ docserver/ 5k3xz6m88smp -en .pdf ?expires = 1582712564 & id = id & accname = guest & chec ksum =
B9C6503A5B2A561C0953575D7FF582AF
5 https:// www .nber .org/ papers/ w17107 and ADB Youth FinSights, 2018
6 See https:// cuts -ccier .org/ pdf/ survey _analysis -dataprivacy .pdf.
7 See https:// www .cgap .org/ sites/ default/ files/ publications/ Working -Paper -A -Digital -Credit -Revolution -Oct -2018 .pdf
8 See https:// www .microsave .net/ wp -content/ uploads/ 2019/ 09/ Digital -Credit -Kenya -Final -report .pdf
9 See -https:// www .theguardian .com/ technology/ 2017/ mar/ 03/ terms -of -service -online -contracts -fine -print CUTS privacy
survey revealed that close to 80 percent users do not read privacy policies, primarily on account of length, legalese,
and language. See, https:// cuts -ccier .org/ pdf/ survey _analysis -dataprivacy .pdf
10 See -https:// www .itu .int/ en/ ITU -T/ focusgroups/ dfs/ Documents/ 01 _2017/ ITU _FGDFS _Report -on -Review -of -DFS -User
-Agreements -in -Africa .pdf

11 See https:// www .usenix .org/ system/ files/ conference/ soups2017/ soups2017 -bowers .pdf
12 CUTS survey on digital payments, wherein 1200 consumers and 800 merchants were interviewed in India found that less
educated, females, older, rural, low income consumers are likely to face greater challenges in making digital payments.
13 Some regulators are taking steps in this regard. For instance, see https:// www .rbi .org .in/ scripts/ BS _PressReleaseDisplay
.aspx ?prid = 49349
15 Includes P2P, P2M, P2B, P2G, Bill Payment, Digital Credit, Digital Insurance, Digital Social Security
16 This will also include grievance redress measures and particularly the timeframe within which DFS fraud needs to be
reported to avoid consumer liability.
17 Be aware that in digital identity data falls in hands of miscreants, it can be utilized to harm the user.
18 Such as the right to anonymity and/or right to be forgotten, right to purpose limitation, right to portability, and right to
know how one’s data is utilized.
19 Not all countries have mandated use of biometrics and multi factor authentication.
20 e.g. Access to phone should be secured by either password or biometric to prevent someone else from using it to
perform unauthorised financial transactions.
21 Do not share the one-time passwords or CVV of cards with anyone.
23 When the network is down, consumers sometimes leave money with agents to carry out the transaction later. This can
leave customers open to agent fraud, if the agent instead keeps the money.
24 Customers are clearly and effectively informed of what data will be collected and how it will be used, prior to its
collection and use, and are given the option to consent or not.
25 i.e. P2P, P2M, P2B, P2G, Bill Payment, Digital Credit, Digital Insurance, Digital Social Security
26 Using the app, a user can hold their phone over a brochure that details available financing options, for example, and
the virtual assistant will pop up and prompt a conversation in the local language to explain the material. The intuitive
interface and simplicity of use makes it accessible to people with a wide range of abilities and can result in better
engagement
27 Activate the facility of receiving SMS updates of financial transactions and being able to block suspicious transactions.
28 Payment data is encrypted only if the URL address contains “https” instead of “http” and there is the closed padlock
security sign.
29 Such as access to finance to pay bills, access to credit, payment services, budgeting tools, and insurance.

26 Digital Financial Services Consumer Competency Framework