Key Concerns for DFS Users

Understanding data privacy concerns from the perspective of a DFS user is a critical first step towards policy and regulatory reforms which balance rights of users and obligations of providers.

• In the absence of proper security and access controls, personal data could be used for fraudulent purposes.
• In the absence of regulatory requirements or good institutional practices, providers may neglect to consult customers before data is collected, processed, or shared.
• Even if they are consulted, users may lack a clear understanding of how data are used and shared with other parties.
• Data misuse is the fastest growing consumer risk in digital finance together with frauds.

It is important to shift the onus from the consumer and onto the provider for data protection. It is no longer viable to rely on consent to protect consumers’ data. In addition, new mechanisms can be created to facilitate consumer access to their own data and empower them to easily and quickly move their data from one provider to another.