Mobile phones and networks are transforming the world of finance, creating opportunities for widespread financial inclusion, especially among neglected regions and groups. Security and privacy should be among the most important considerations when building digital finance systems.
Credit decisions are often based on sensitive information and online finance offerings are no exception. The sensitivity of this information gives rise to a series of critical questions for customers:
- To whom am I giving my data? And who else do they allow to access it? For what purposes?
- How do the companies protect data so that people who do not have legitimate access cannot use or steal it?
- What rights and options do I have if something does go wrong?
The goal of this research, conducted by CFI Fellow Patrick Traynor, is to examine how well digital lenders are responding to these questions.
Originally published on CFI’s website.