This Seminar, co-hosted by FinCoNet and the G20/OECD Task Force on Financial Consumer Protection, explored the theme of tackling Financial Scams and Frauds. A keynote address discussed the role of financial education in protecting children and young people from financial scams and frauds.
Session one highlighted examples of effective ways to protect consumers, especially young people, from financial scams and frauds. Speakers shared their countries’ approaches and experiences in raising awareness and increasing the financial literacy of consumers, especially young people, in relation to protecting their money from potential financial scams and frauds.
Session two examined emerging risks for consumers in relation to financial scams and frauds. Based on data collected from over 40 participating jurisdictions, the OECD Consumer Finance Risk Monitor analyzed the constantly evolving issues and risks facing consumers of financial products and services. It explored consumer harms and complaints in five product markets (banking and payments, credit, insurance, investments, and pensions) and described regulatory and supervisory responses to address market conduct risks.
In session three, panelists representing a range of sectors shared their perspectives and experiences regarding the trends and developments they had observed and discussed effective responses.
In the final session, financial consumer protection policymakers, regulators, and supervisors from around the world shared their countries’ experiences with financial scams and frauds, along with the latest developments in regulatory and supervisory approaches and the actions they were pursuing to protect consumers.
The launch of Global Money Week 2024: Protect Your Money, Secure Your Future also took place during this event.
