Fraud and scams are a growing transnational threat, requiring urgent cross-border, cross-sector coordination.
PROTECT is a global initiative bringing together actors across the global financial inclusion ecosystem to tackle the rising threat of fraud and scams.
PROTECT works to surface evidence, gather emerging solutions, advocate for allocation of resources, and build a support base for investment in combatting fraud and scams globally.
PROTECT is comprised of regulators, technology platforms, telcos, financial institutions, and funders working together across borders to address the growing threat of fraud and scams globally.
Our Approach
PROTECT addresses the growing impact of fraud and scams on financial inclusion, consumer trust, financial health, and digital innovation in emerging economies by bringing together diverse and global private sector players, public sector initiatives, and researchers with a unique focus on financial inclusion clients.
We focus on identifying real, practical solutions.
PROTECT is committed to:
LEARNING: Surfacing evidence and research focused on low-income consumers and emerging markets
IDENTIFYING: Analyzing gaps and promising approaches across the private and public sectors and regulatory responses.
DISSEMINATING: Sharing insights with institutions, policymakers, financial service providers, consumer protection actors, among other stakeholders
PROTECT is co-led by:
The challenge
A coalition built to address a wicked problem
Digital financial services have transformed access for millions worldwide — but this hard-won progress is increasingly at risk. The rise of fraud and scams, facilitated by rapidly evolving technologies like artificial intelligence, are eroding the trust of newly included consumers, particularly in mobile-first markets where consumer protection frameworks have not kept pace with rapid adoption.
Additionally, financial losses and inadequate redress mechanism can negatively impact the financial health of consumers, especially those who are most vulnerable.
Beyond individuals, systems and institutions also suffer from financial losses and potential reputation damage as a result of this growing issue.
Addressing Fraud and Scams for Financial Inclusion Clients: The Case for a Victim-Centered Approach
$150B
Estimated annual cost in the US Alone
70%
Adults in Brazil, Philippines, and similar markets report being scammed
20%
Phone owners in LMICs receive unsolicited money requests via text
Coming soon
PROTECT Talk Series
A new speaker series is bringing together researchers, practitioners, and policymakers to share knowledge and emerging solutions on fraud and scams affecting financial inclusion clients. Sign up to receive updates on upcoming events.