Consumer Finance Risk Monitor 2026

Executive summary

Consumers of financial products and services face a complex and dynamic financial landscape, characterised by a wide range of opportunities and risks. In this context, it is essential to identify and monitor issues, trends and risks affecting financial consumers, track consumer detriment and address potential detriment.

With developments such as growing cost-of-living pressures and the rapid digitalisation of the financial sector, consumers encounter increasingly complex financial products and services, which can amplify exposure to fraud, heighten digital exclusion and create regulatory gaps. The interplay of risks stemming from the operating environment, demand-side vulnerabilities, and the conduct of financial services providers and intermediaries can compound one another, with significant implications for consumers’ trust and financial well‑being.

Digitalisation offers many benefits for financial consumers, but it can also intensify scams and frauds, drive financial exclusion and disrupt customer service channels

Digitalisation is reshaping the financial landscape, amplifying opportunities and risks. In this context, financial scams and frauds are the most significant risk facing financial consumers. Eighty-five per cent of jurisdictions identified it as a risk, and they generally anticipate that it will increase in 2026. Digitalisation is intensifying the rapid rise and sophistication of digital fraud and scams, including phishing, vishing and smishing, social‑engineering attacks, identity theft, deepfakes, and AI‑generated fraudulent content. It also creates an increasingly challenging environment for policymakers, regulators and supervisors. For most respondents (69%), the incidence of financial scams and frauds increased in 2025 compared to 2024.

While digitalisation can support greater financial inclusion, it can also introduce new forms of exclusion, as the shift towards online channels, paired with traditional bank branch closures, can leave behind consumers with low digital or financial literacy. The risk of consumer detriment may also arise from the growing use of algorithmic decision making, which consumers often cannot understand or question, increasing the risk of biased outcomes and the likelihood that individuals will enter unfavourable financial arrangements. Furthermore, while digital interfaces can make information more user-friendly and accessible, rapid digital innovation may also introduce new sources of opacity and weaken customer support channels. Thus, consumers already struggling with digital financial services may face both more opaque products and fewer avenues for adequate customer support, which may amplify their vulnerability.

High levels and the cost of consumer debt are a major risk for the resilience of households

High levels of consumer debt are the second most significant (63%) risk on the demand side. They represent a pressure point for household financial resilience, with many jurisdictions anticipating that levels will continue to rise in 2026. Consumer debt is driven by a combination of macroeconomic pressures and easy access to credit, among other factors. The rapid expansion of digital lending channels, including online loans and credit-like products, offers convenient access to credit but may obscure the true cost of borrowing or bypass robust affordability assessments.

The conduct of financial services providers and intermediaries can affect consumer debt levels. Ineffective disclosures of financial products and services are the most significant conduct-related risk facing consumers, identified by 44% of responding jurisdictions. Within the consumer credit sector, the most frequent subjects of consumer complaints in 2025 were fees and charges and poor value for money, followed by lack of disclosures and debt collection.

Financial products and services are increasingly complex, and complaints are generally rising

The fast pace of innovation in the financial sector, including the development of new types of financial products and services, brings many benefits for financial consumers looking to save, borrow and invest.

At the same time, innovation can lead to greater complexity of financial products and services, which risks widening the knowledge gap between firms and consumers. This is particularly true for digital assets, a leading source of potential consumer detriment in the investment sector in 2025 (as identified by nearly 80% of jurisdictions). The challenges stemming from product complexity, which can arise across all financial product sectors, are often intensified by unreliable information, aggressive marketing tactics, and, in some cases, the presence of unlicensed providers, all of which can increase consumer harm. Gaps in regulatory or supervisory frameworks may further exacerbate risks, as products are offered without adequate safeguards.

Across all sectors, consumer complaints have generally risen: the total volume of consumer complaints received by supervisory authorities increased in 70% of responding jurisdictions between 2024 and 2025.

What can governments do?

Addressing current and emerging risks facing financial consumers and supporting consumer trust, confidence and financial well-being require effective financial consumer protection frameworks. These frameworks should ensure fair and responsible treatment of financial consumers in their purchase and use of financial products and services, and in their dealings with financial services providers. The implementation of robust frameworks, aligned with the G20/OECD High-Level Principles of Financial Consumer Protection, can help protect financial consumers from detriment.

Strong market conduct supervision and enforcement capabilities are also necessary to administer financial consumer protection frameworks and address misconduct, including through SupTech applications, data analytics and risk-based monitoring. Coordinated approaches that bring together financial authorities, cybersecurity agencies, regulators, law enforcement bodies, industry and consumer associations can also strengthen capacity to tackle cross-sectoral challenges such as financial scams and frauds. Defining clear objectives and measuring the effectiveness of regulation and supervision helps set expectations and inform evidence-based approaches and interventions.

Lastly, addressing current and emerging risks also requires empowering consumers by providing them with the tools, skills and competencies they need to make informed financial decisions. Jurisdictions are therefore expanding their digital financial literacy initiatives, implementing tools (e.g. price comparison tools) and supporting targeted outreach to consumers who may be vulnerable.