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Addressing consumer risks in fintech to maximize its benefits Photo: Vic Josh / Shutterstock Financial technology or fintech has become a key enabler of more efficient and competitive financial markets, helping expand access to finance for underserved consumers. Especially in times of social distancing to reduce the spread of COVID-19 and ramping up of digital cash transfer programs in many countries, the benefits of fintech and digital financial services have never been so evident. But fintech doesn’t come without risks to consumers.  Increased instances of digital fraud, peer-to-peer lending platform collapses, and borrower distress as a result of irresponsible digital microcredit lending practices illustrate such risks. While some of these risks are new, many are new manifestations of risks that already existed in financial markets. They include not only those arising from the underlying technology enabling fintech, but also from new business models, product features, and p

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