Title: Electronic funds transfer: new legal issues?

Authors: George Cho

Addresses: Institute for Applied Ecology; Faculty of Applied Science, University of Canberra, Canberra, ACT 2617, Australia

Abstract: Electronic funds transfer (EFT) payments promise a cashless society in electronic commerce (e-commerce). Whilst technical issues have overcome the legal and practical logistics are being addressed. A background to legal problems is given including liability, certainty of payments and the requirements of mobile commerce (m-commerce). Cybercrime threats such as fraud and abuse of access to automatic teller machines (ATM) are also outlined. Issues with the 'disenfranchised' young, older persons and indigenous populations in outback Australia who use EFT are discussed. Litigation from various common and civil law jurisdictions are described as relevant legislation pertaining to EFT. New technological innovations in mobile banking (m-banking) have introduced new problems that challenge the law. Policy and legislative instruments provide a critical means by which issues may be overcome to ensure that EFT as a generic payments system may yet endure as a sound business model.

Keywords: automatic teller machines; ATMs; credit cards; debit cards; EFT legislation; electronic commerce; e-commerce; electronic funds transfer; new legal issues; mobile banking; m-banking; mobile commerce; m-commerce; technology policy; liability; payment certainty; cybercrime; fraud; access abuse; disenfranchised; technological innovation; Australia.

DOI: 10.1504/IJTPL.2012.050215

International Journal of Technology Policy and Law, 2012 Vol.1 No.2, pp.168 - 182

Published online: 05 Nov 2012 *

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