Page 10 - ITU-T Focus Group Digital Financial Services – Consumer Experience and Protection

ITU-T Focus Group Digital Financial Services
Consumer Experience and Protection

Executive Summary

This report is a synthesis of existing research, legal provisions, guidelines, and other related resources related
to consumer protection for digital financial services. The report identifies four common themes that policy
makers or regulators may want to consider when developing laws, regulations, or guidelines related to DFS.

This list is not exhaustive, but rather indicative of the types of issues that can be considered. In addition,
consumer protection for digital financial service is a new area for regulations, and in many cases there is
continued discussion and debate about which aspects can be best addressed by industry-led actions, versus
requiring regulations. Finally, the feasibility of implementation and enforcement have not been taken into
account when developing this list; these of course are critical elements when developing actual DFS guidelines.
The four themes are:

1 Provision of information and transparency
2 Fraud prevention

3 Dispute resolution
4 Data privacy and protection
For each theme a set of key issues have been identified, which are discussed in the following sections.

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