Mobile Financial Services: The Need for a Comprehensive Consumer Protection Law
Mark Elliott Budnitz
Georgia State University College of Law
Banking & Finance Law Review, v. 27, 2012
Georgia State University College of Law, Legal Studies Research Paper No. 2012-23
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 proposed Model Law that provides satisfactory consumer protection.
Number of Pages in PDF File: 21
Keywords: consumer protection, mobile, cell phones, privacy, security, consumer, banking, financial services, regulation, law, financial transfers, transactions, mobile financial services, banks
JEL Classification: G21, K29, K29, K19, Z00
Date posted: November 9, 2012 ; Last revised: December 7, 2012
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