The Threat Of EFT Technology

Electronic funds transfer (EFT) technology requires rules of law developed in a nonelectronic age to be modified or expanded. The financial community is working to ensure that this new technology does not expose banks and other such institutions to legal risks. In Australia, more than 6 reports have...

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Bibliographic Details
Published in:Intheblack 1989-10, Vol.59 (9), p.14
Main Author: Sharpe, Anna
Format: Magazinearticle
Language:English
Subjects:
Authorizations
Automated teller machines
Consumer protection
EFTS
Electronic funds transfer systems
Financial institutions
Fraud
Security programs
Technology
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Summary:Electronic funds transfer (EFT) technology requires rules of law developed in a nonelectronic age to be modified or expanded. The financial community is working to ensure that this new technology does not expose banks and other such institutions to legal risks. In Australia, more than 6 reports have been issued dealing with the customer protection problem. Financial institutions claim that consumer-related issues have been adequately dealt with by changes in standard contracts with customers. Despite a confusing array of initiatives, positive steps have been taken to implement legislation in the EFT area. Two central consumer-related issues that must be addressed are: 1. the availability of information to consumers to help them pursue any disputes with financial institutions, and 2. the appropriate forums for resolution of such disputes. The degree of attention given to this area has resulted in the banks recently proposing a banking ombudsman scheme.
ISSN:1832-0899