The history of World Consumer Protection Day began in 1961 with a speech by US President John F. Kennedy to Congress. He formulated four basic consumer rights: the right to information, the right to security, the right to choice, and the right to awareness. Later, they were added to the right to compensation for damage, the right to consumer education, the right to meet basic needs, and the right to a healthy environment.
The day of consumer protection was first celebrated on March 15, 1983, and was then approved as the World Consumer Protection day in the international calendar of public holidays.
Every year, solemn events are dedicated to a specific topic. It is determined by the Organization of the World Consumer Union. In 2022, Consumers International called on the public to pay attention to the rights of consumers in the Digital Financial Services segment, so on March 15, 2022, it was decided to hold the World Consumer Rights Day under the slogan "Fair Digital Finance" - "Fair Digital Financial Services".
Today, the financial services market is constantly developing and growing. Before understanding how consumer protection is implemented in the financial market, it is necessary to regulate the range of services related to this area. Organizations allow consumers to place money in bank accounts or use it at a certain interest rate. The list of such companies includes insurance organizations, banking institutions, and micro-credit firms. The provision of services is classified according to the place of their receipt: the consumer can make a deposit or perform a settlement and cash transaction, transfer money, get a loan, work with deposits, evaluate property, receive insurance services. Any activity in the financial market must be carried out in accordance with the current legislation, which provides for the existence of consumer rights: to obtain information, the consumer must be fully informed about the financial organization and its activities, the consumer has the right to independently determine the package of services, etc.
The use of digital technologies and the internet has allowed financial institutions to speed up and facilitate access to their services. ATMs, bank payment and non – bank terminals are self-service devices, means of payment that allow you to pay for goods and services without the participation of the seller or receive cash without the participation of a bank cashier.
Mobile bank, internet bank – software products that allow the user to remotely monitor the state of their bank and card account, as well as make payments, transfers and purchases using a computer, tablet, mobile phone from the comfort of their home.
Electronic money is a digital means of payment. To use them, you need an electronic wallet – an analog of a bank account. With the help of electronic money, the user can pay for online purchases, make money transfers and payments, providing recipients with minimal information about themselves.
However, the successful development of the digital economy in the future is possible only if all the technologies used in this area are not only publicly available, but also protected from fraud, abuse and technical errors. How not to fall into the hands of scammers?
The most common activity in the field of Finance is the conclusion of loan agreements, before its conclusion, consumers are provided with complete, necessary and reliable information about the services that provide them with the opportunity to choose them correctly, provide a typical form of a loan agreement for review, the content of loan agreements should be accessible and understandable. Contracts concluded with consumers should not include conditions that infringe on the rights of the consumer established by law, and should not include the receipt of additional paid services when obtaining a loan. When closing a loan from a bank, it is necessary to obtain a certificate of closure. Otherwise, after a while, they will call you and tell you that the payment has not been made, you will have to pay extra. Further, when using an ATM, it should be borne in mind that each ATM should publish in a visual and accessible form information about the operation of the ATM, the actions of the consumer in case of problems with the use of a bank card, as well as phone numbers of services to contact consumers in case of poor-quality operation of the ATM, ensure smooth operation of ATMs, including on weekends and holidays, activate work on the implementation of non-cash payments.
Microloans are a convenient solution to monetary problems. Before obtaining a microfinance, it is necessary to study the main subtleties of microfinance. Without knowing them, you can get into debt and harm your family and health. Therefore, we advise you to think carefully and analyze all the positive and negative aspects. The most important thing is the interest rate and the term of the microfinance. Do not go to the first microfinance organization you come across, study various offers and choose the lowest interest rate. Before entering into a contract, you are required to provide you with detailed information about the terms of the loan, your rights and obligations. Take a closer look at the procedure for early repayment, the amount of commissions, and the terms of penalties. As a consumer activity, micro-loans are subject to the requirements of the law on consumer protection
Today's money is the driving force, and everyone is trying to make a big profit in any way. The financial market is very developed, so there are many different credit institutions, insurance companies, and everyone needs income. Therefore, there are various promotions that invite consumers. It is not necessary for the client to be very careful and sign the contract without reading and understanding it in full. It is better to contact Financial offices that are well known to the client.
A global, collaborative and coordinated approach is needed to ensure fair digital funding for all. The rapidly developing and complex nature of digital financial services reflects the need for digital financial services and products based on innovative approaches to regulation, as well as the protection and expansion of consumer rights and opportunities.
Consumers can contact the Department of consumer protection of East Kazakhstan region for protection of their consumer rights (Ust-Kamenogorsk, Krylova STR., 114, phone 8/7232/267207, El.address: dzpp.vko@mti.gov.kz).
Protect your rights and become a competent consumer!
