The session will examine the core competences that consumers of digital financial services are expected to have in order to actively and securely use the services. The DFS Consumer Competency Framework groups the core competences under different skillsets and considers the competences required for the digital financial service transaction lifecycle. The skillsets and competences constitute the basic elements for a curriculum that could be used in the development of a consumer literacy programme by national authorities and DFS providers. It highlights intentional efforts to tailor outreach and consideration for the inclusion of women.
Related FIGI SIT Working Group report:
This session will provide an overview of how DFS account takeover can be prevented using strong authentication methods and showcase their implementation in real live systems. A secure DFS system requires reliable form of customer identification in order to generate secure credential for authenticating clints. Many current online DFS systems still rely on the use of insecure password solutions for client authentication. In order to enhance security, some solutions use multifactor authentication (MFA) to protect against account takeover. However, MFA induces friction to the authentication process without expanded additional security benefits if not implemented properly. Recent advances in technology have resulted in secure systems that are based on the FIDO Alliance protocols that enable secure password-less authentication solution that are user and device friendly. Furthermore, coalitions such as DID Alliance are finalizing core specification that bootstrap trusted consumer identity online.
Related FIGI SIT Working Group report: Implementation of Secure Authentication Technologies for Digital Financial Services