Three Waves of FinTech Innovations and Their Implications for Financial Frauds and Anomalies

Cho Man
Additional contact information
Cho Man: Emeritus Professor, KDI School of Public Policy and Management

International Review of Financial Consumers, 2024, vol. 9, issue 2, 1-18

Abstract: The main objectives of this study are two-fold: first, to survey the technological innovations adopted in the financial service sector during the last three decades, commonly termed as FinTech, by categorizing them into three waves; and, to elaborate their implications for combating financial frauds and abusive intermediation practices. To that end, the paper also documents a sample of real-world cases observed in Korea and other countries which demonstrate the fraudulent and problematic practices in trading financial products that harm the welfare of financial consumers. Given these discussions, the paper elaborates three sets of remedies to deal with the anomalies, i.e., combating the financial fraudsters, overseeing the abusive intermediaries, and nudging financial consumers to make sound decisions.

Keywords: FinTech; Financial frauds and abuses; Financial consumer protection; Nudging (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/irfc-2024-0005 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrs:irfinc:v:9:y:2024:i:2:p:1-18:n:1001

DOI: 10.2478/irfc-2024-0005

Access Statistics for this article

International Review of Financial Consumers is currently edited by Sharon Tennyson

More articles in International Review of Financial Consumers from Sciendo
Bibliographic data for series maintained by Peter Golla ().