Today’s changing digital financial services (DFS) landscape requires a rethink of what it means to be vulnerable. In 2023, 75% of Consumers International Members pointed to fraud and scams as a critical threat.
Last week, we presented our work in digital finance to the world stage at the UN General Assembly and the G20 Global Partnership for Financial Inclusion (GPFI). We emphasised the urgent need to address the unique challenges vulnerable consumers face.
Our presentations highlighted how vulnerable individuals are twice as likely to fall victim to scams, with 70% of our Members reporting growing risks of data misuse.
We urged policymakers to incorporate clear definitions of vulnerability into digital finance regulations, aiming to elevate the consumer voice and ensure that protection frameworks evolve alongside the rapid advancements in DFS.
We've launched a new report, "Maximising Consumer Voices in Digital Financial Services Policy-Making," highlighting how innovative consumer organisations are using resources and expertise to improve digital financial services.
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Consumers International joins the first OECD Consumer Policy Ministerial Meeting to address digital rights, product safety, and sustainability.
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I recently had the privilege of representing Consumers International at the 4th meeting of the Intergovernmental Negotiating Committee (INC-4) - where member states are tasked with a monumental challenge - to develop an international legally binding instrument on plastic pollution.
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