Insights into the risks and benefits of digital financial services for consumers
One of the consequences of social distancing and other restrictions, during the pandemic, such as those on business operating hours, is that consumers spent more of their time searching for information, shopping, and streaming entertainment on-line. With more free time on their hands and money in the bank, a larger percentage of the population took up an interest in investing, often through on-line brokerage platforms or in the cryptoasset markets. Because consumers have been spending more time on-line since the start of the pandemic, they have been more exposed to on-line fraud. In addition to phishing and malware, consumers are dealing with known scams but in digital form, often on social media. For some consumers, the evergrowing number of reliable and accessible information sources could lead to information overload, also known as “infobesity, where there is so much information that the consumer cannot process it all. Infobesity can lead to decision paralysis. In this paper the AMF make the most of their 360-degree view on the financial industry’s digital transformation to review the main changes that occurred in each of their areas of focus, describe the risk of digitalization for the consumers of financial products and services and present the potential opportunities that have been identified to mitigate these risks.
Cyber security awareness
The Canadian Bankers Association has created a new Cyber Security Awareness Quiz site to test your knowledge and ability to spot a “phishy” email, message or text.
National financial literacy strategy video gallery
View the 8 videos created by the Financial Consumer Association of Canada (FCAC) as part of the National Financial Literacy Strategy 2021-2026. Videos include:
Rising adoption of contactless payments and digital wallets: 3 key takeaways
Over the last two years, digital payment solutions, including peer-to-peer apps, digital wallets, and contactless payment solutions, have grown in popularity and adoption. With 125 million American mobile payment users predicted by 2025 Commonwealth sought to understand the potential for these payment apps as a channel to advance inclusive and equitable financial access.
Guidance on digital delivery of financial education
Innovative uses of digital technologies in the delivery of financial education can serve multiple complementary objectives and effectively support the building blocks of financial education. This Guidance was developed to assist policy makers in deciding when to adopt digital delivery, and how to effectively design and implement digital financial education initiatives, by offering non-binding actionable directions. It builds on the work undertaken by the OECD and its International Network on Financial Education, including the G20/OECD-INFE Policy Guidance Note on Digitalisation and Financial Literacy and international comparative analyses on how public authorities design, deliver and evaluate digital financial education initiatives, notably in the context of the COVID-19 pandemic. The report on digital delivery of financial education design and practice builds on over 70 case studies from members of the OECD International Network on Financial Education, contributes to a better understanding of how public authorities worldwide are designing, delivering and evaluating digital financial education initiatives, and prepares forthcoming work on the development of high-level international guidance on the digital delivery of financial education.
