Financial inclusion requires stronger mechanisms to mitigate risks in the country’s digital channels

• 96% of Dominicans believe access to credit is important.
• 43% abandon online applications for financial or insurance products because they do not trust the security or find the applications complicated.

Santo Domingo. – In an increasingly digital world, financial inclusion depends not only on access to products and services, but also on consumers’ confidence in using institutions’ digital channels. Strengthening cybersecurity in the country is key to encouraging active participation in the financial system, which promotes broader and more equitable inclusion.

At the TU Sunset Fintech event, TransUnion and Adofintech (Dominican Association of Fintech Companies) strengthened the fintech ecosystem’s commitment to expanding financial inclusion in the country. The event also presented figures from TransUnion’s latest Consumer Pulse study, which shows that 96% of Dominicans consider access to credit important, although only 29% feel they have sufficient access.

In an environment where digitalisation is advancing at great speed, so are the security risks facing both businesses and consumers. Digital fraud threats are increasingly complex, hard to detect and able to get around traditional security systems.

The issues that most concern Dominicans are identity theft (38%), credit card fraud (37%) and data breaches (36%). 

The study also reveals that 77% of consumers consider the security of their personal data essential when making online transactions. However, many abandon digital processes because they find them complicated or unreliable.

Meanwhile, 85% of consumers do not know whether they have been affected by a data breach, while the remaining 15% do. Although institutions send notifications when a suspicious transaction is made, 30% say they take no action, mainly because they are unclear about what to do.

According to TransUnion’s latest Omnichannel Fraud Report, which covers several countries and regions, 29% of consumers have suffered financial losses from fraud committed via email, online, phone calls or text messages.

The most frequent schemes that led to monetary losses include money mule accounts (23%), seller or third-party scams (22%), vishing (21%), identity theft (21%) and account takeover (20%).

These figures underline the need to strengthen financial education and cybersecurity in countries where digital growth also increases exposure to risk.

The lack of trust is also reflected in the main reasons for abandoning online applications. 43% of Dominicans did not finish an online application or form for a financial or insurance product because they did not trust that their data would be secure. This is an opportunity for fintechs. 

This abandonment is usually linked to factors such as long authentication processes, complex forms or simply the perception that the site does not protect their data properly.

This information was presented at the TU Sunset Fintech event, and both TransUnion and Adofintech are working to build ever greater trust and improve financial education in the country. 

Digital transformation has been, and will continue to be, fundamental to the growth of financial access. Fintechs are not only closing gaps in access to the system, but also raising standards of security and data protection in the digital environment. This makes them key allies in building a fairer, more accessible and, above all, safer financial ecosystem for both consumers and service providers.

About TransUnion

TransUnion is a global information and insights company with more than 13,000 associates operating in more than 30 countries, including the Dominican Republic. We make trust possible by ensuring that each person is reliably represented in the marketplace. We do this by providing a multidimensional view of consumers, managed with care. Through our acquisitions and technology investments, we have developed innovative solutions in areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good®, creating economic opportunities, great experiences and personal empowerment for millions of people around the world.