Digital technologies have transformed the way financial services are delivered, creating opportunities to bring services to many previously neglected or underserved people worldwide. This has been especially true in the response to the COVID-19 pandemic, where digital payments have been widely leveraged to deliver emergency cash transfer payments, remittances, loan disbursements and repayments, insurance payments, and more. While this infrastructure has proven immensely valuable in light of limits on movement and social distancing measures to combat the spread of the virus, it has also brought with it a wave of fresh consumer protection concerns.
Sessions on this day will discuss emerging consumer protection concerns, such as fraud, transparency, and recourse mechanisms. What do providers, investors, and policymakers need to know about these emerging risks and steps we must take to ensure consumers are protected? What are some of the new tools and techniques to help supervisors manage these news risks?