Electronic baking and consumer protection
Electronic banking consists of a group of technologies that allow financial transactions to be carried out electronically. This computerisation of banking operations has brought about massive benefits to the international community: the success of the Society for Worldwide Interbank Financial T...
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| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/64283 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Electronic banking consists of a group of technologies that allow financial
transactions to be carried out electronically. This computerisation of banking
operations has brought about massive benefits to the international community:
the success of the Society for Worldwide Interbank Financial
Telecommunication (SWIFT) network is a testament to this. Nevertheless,
along with the gains are other challenges and problems. Not least of these
problems are those that surface in the legal realm. In particular, commercial
practice seems to have moved ahead of the law so that there are still no
definitive answers for some legal issues. However, the law can fill this gap by
legislation, self-governing codes or the interpretation and application of
existing legal principles.
This study aims to examine some legal issues that have arisen in the recent
years. These include the terms and conditions of the service, proof of payment,
privacy and confidentiality of customer's information, liability for
unauthorised transactions and security of payment system. It also attempts to
evaluate the adequacy of consumer protection in Singapore and to examine the
customer's rights vis-a-vis banks in the banking transactions. Where
applicable, comparisons will be made with the position in other countries. |
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