Mobile Financial Services: The Need for a Comprehensive Consumer Protection Law

21 Pages Posted: 9 Nov 2012 Last revised: 7 Dec 2012

Mark Elliott Budnitz

Georgia State University College of Law

Date Written: 2012

Abstract

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.

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

Suggested Citation

Budnitz, Mark Elliott, Mobile Financial Services: The Need for a Comprehensive Consumer Protection Law (2012). Banking & Finance Law Review, v. 27, 2012; Georgia State University College of Law, Legal Studies Research Paper No. 2012-23. Available at SSRN: https://ssrn.com/abstract=2172959

Mark Elliott Budnitz (Contact Author)

Georgia State University College of Law ( email )

P.O. Box 4037
Atlanta, GA 30302-4037
United States

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