IDEAS home Printed from https://ideas.repec.org/p/fip/fedpdp/05-16.html
   My bibliography  Save this paper

The laws, regulations, and industry practices that protect consumers who use electronic payment systems: policy considerations

Author

Listed:
  • Mark Furletti

Abstract

This is the third in a series of three papers that examines the laws, regulations, and voluntary industry practices that may aid consumers who contest an electronic transaction because of error, fraud, or merchant dispute. The first two papers describe the complex web of protections available to users of four popular electronic payment mechanisms: credit cards, debit cards, prepaid cards, and ACH e-checks. This third paper considers how protections related to fraud, error, and disputes affect market participants. The paper concludes that (i) the current protection mechanisms make it more difficult to encourage the adoption of fraud-reduction schemes, (ii) the current protections represent a significant cost to banks, merchants, processors, and consumers, and (iii) the present federal system of protection, while encouraging innovation and thoughtful regulation, leads to consumer confusion.

Suggested Citation

  • Mark Furletti, 2005. "The laws, regulations, and industry practices that protect consumers who use electronic payment systems: policy considerations," Consumer Finance Institute discussion papers 05-16, Federal Reserve Bank of Philadelphia.
  • Handle: RePEc:fip:fedpdp:05-16
    as

    Download full text from publisher

    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/cppolicy-102005.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Creti, Anna & Verdier, Marianne, 2014. "Fraud, investments and liability regimes in payment platforms," International Journal of Industrial Organization, Elsevier, vol. 35(C), pages 84-93.
    2. Anna Creti & Marianne Verdier, 2011. "Fraud, Investments and Liability Regimes in Payment Platforms," Working Papers hal-04140951, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedpdp:05-16. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Beth Paul (email available below). General contact details of provider: https://edirc.repec.org/data/frbphus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.