Cybersecurity for Mobile Financial Services
Nearly 80 percent of people in the developing world own mobile phones today. Mobile phones can advance financial inclusion by making it easier to deliver financial services to low-income consumers, especially in remote areas without brick-and-mortar financial infrastructure. However, mobile financial services can also expose consumers to fraud. In this webinar, Paul Makin and David Medine introduced key vulnerabilities in mobile financial services and suggested countermeasures to address data security. In the process, they answered some of the most frequently asked questions that policy makers, supervisors, mobile network operators, and digital financial service providers have about cybersecurity.
|David Medine, a senior advisor with CGAP, is the lead staff member on data protection and security. He served as chairman of the Privacy and Civil Liberties Oversight Board from 2013 to 2016. Prior to that he served as a senior adviser to the White House National Economic Council. From 1992 to 2000, David was the associate director for Financial Practices at the Federal Trade Commission (FTC), where he took the lead on Internet privacy, chaired a federal advisory committee on privacy issues, and was part of the team that negotiated a privacy safe harbor agreement with the European Union.|
Paul Makin is an independent financial inclusion and digital identity consultant active in the field since 2004, when he co-created the M-PESA service. His varied work in the financial inclusion/identity space includes: on-the-ground development and operation of an identity and value transfer services for farmers in remote rural Nigeria; on-the-ground analysis of the use of identity (Aadhaar) for safety net programs in India; strategies for identity management, AML and privacy for recipients of remittances in Somalia; analysis of the use of digital identity for financial inclusion for the World Bank; development of training resources for digital financial services cybersecurity for CGAP; digital identity strategies for financial inclusion in South Africa; and working with the WFP on the development of digital identity strategies for the delivery of social payments.