A global NGO works to increase financial inclusion in emerging markets. The availability and access to fast payment systems is a key catalyzer of financial inclusion, particularly for women and low-income end users. However, lack of familiarity and trust in digital financial services (DFS) and the underlying system is a major hindrance to initial and ongoing use of DFS. As a result, this NGO developed best practices for implementing a fast payments system to address the trust and reputation issues blocking sustained adoption.
Glenbrook developed a set of fast payment system fraud mitigation principles to build end user trust in digital financial services that addressed the specific requirements and challenges facing low-income end users in emerging markets.
Glenbrook conducted desk research on fast payment fraud trends and mitigation practices, and interviewed a broad range of stakeholders to collect insights including system providers, participants, third-party service providers, NGOs, development organizations, regulators/policymakers, and various independent subject matter experts. Drawing from our existing expertise we synthesized research and outreach findings to develop a comprehensive set of principles.
Example categories of exploration included:
- Data and Reporting
Glenbrook developed a set of fast payment system principles and identified existing and evolving practices that support these principles. We narrated our findings in a whitepaper used for advocacy and designed and implemented an interactive demonstration to showcase the impact of the principles on a fraudster and end-user journey. Glenbrook helped the company evaluate their existing risk, identify areas for improvement, analyze the current fraud prevention provider landscape, and ultimately assist them with the choice of new vendors for transactional risk management and KYC/KYB processes.