The Legal Risks of Mobile Payments: Top Strategies for Minimizing Risk as a Stakeholder
Author: Kathryn Ossian
Format: Kindle Edition
Release Date: November 27, 2012
The dramatic increase in the use of mobile payments in our society brings new speed, convenience and efficiency to traditional banking and commerce, but with this convenience comes legal risk. Lack of security, privacy and control by financial institutions, merchants, consumers and others who are involved in the mobile payment structure can lead to data breach and potential loss. The current lack of a uniform platform for mobile payments and the presence of unregulated transactions and players add further uncertainty to the mix. This e-book will discuss specific risks, potential civil liability and other possible penalties and offer strategies for minimizing those risks from the perspective of the various stakeholders.
Any organization or individual engaging in mobile payments needs to be aware of the risks involved and know what steps to take to protect against potential loss, regardless of where the industry stands, from a platform, standards or regulatory perspective. Financial institutions, in particular, need to be concerned about their role in the mobile payments process.