Content area
Full Text
The article first describes mobile financial services for consumers and the types of companies participating in the provision of those services. Anticipated consumer problems are explored, including: security, privacy, unauthorized transfers, error resolution, viruses, system breakdown, consumer mistake, and the need for documentation and a history of transactions. Public policy and government regulatory issues are examined. Applicable U.S. state and federal laws are reviewed; their gaps and inadequacies are identified. The article concludes with a description of a Model Law that provides satisfactory consumer protection.
L'auteur décrit d'abord les services financiers mobiles offerts aux consommateurs ainsi que les types d'entreprises qui proposent ces services. Les problèmes susceptibles d'être rencontrés par les consommateurs sont analysés : sécurité, confidentialité, transferts non autorisés, erreurs, virus, pannes de système, erreurs de leur part, obtention de documentation relative aux opérations et leur historique. Les politiques et les règlements adoptés par les autorités gouvernementales sont examinés par l'auteur. Les lois américaines applicables sont étudiées et leurs lacunes et déficiences mises en évidence. En conclusion, l'auteur donne la description d'une loi type qui offrirait une protection adéquate aux consommateurs.
1. INTRODUCTION
Consumers increasingly use cell phones to engage in mobile financial services. This article examines legal issues that are critical to adequate consumer protection. Part 2 of the article describes how various mobile financial services systems work and the types of companies participating in providing these services. Part 3 predicts what problems consumers likely will encounter when they use these services. Part 4 reviews applicable United States laws. Part 5 proposes a model law.
2. DESCRIPTION OF HOW VARIOUS SYSTEMS WORK AND THE COMPANIES PARTICIPATING
A comprehensive examination of the systems used to provide mobile financial services and the companies involved in offering those services is beyond the scope of this article. A brief description of certain elements, however, is necessary to provide background for the regulatory proposals that are the focus of this article.
(a) The Three Channels for Delivering Services
Mobile financial services are being offered via three "channels":1 text messages, wireless applications on cell phone Internet browsers, and software applications downloaded onto cell phones. All three offer consumers many benefits.3 However, the rising popularity of these methods also raises problems for consumers that merit possible regulatory attention.
...