Electronic baking and consumer protection

• Main Author: Chen, Siong Soon
• Other Authors: Toh See Kiat
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/64283
• Institution: Nanyang Technological University

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.