Indonesia is making great strides in achieving the objective of financial inclusion. And rightly so with only 36% of Indonesian’s having an account at a formal financial institution. Both Laku Pandai (branchless banking) and Layanan Keuangan Digital (LKD- e-money) services have been growing rapidly in the past few years. Cumulatively (including Laku Pandai and LKD) there are close to 290,000 agents and 3.2 million accounts in Indonesia. However, rapid proliferation of Laku Pandai and LKD services especially among unserved and underserved segments makes them vulnerable to risks. In this context, MicroSave conducted a research to understand the emerging consumer risks in the DFS market. The research covered a sample of 1,414 users across fifteen provinces of Indonesia. Further, active and inactive users of Laku Pandai and LKD were interviewed to get deeper insights of the research. The report presents insights from the field on the prevailing state of the DFS services and provides practical recommendations for regulators and DFS service providers to ensure a sustainable growth of their services.