Article Abstract:
Systemic consumer safeguards and protections are not as developed as electronic transactions technology. If the financial and credit granting communities want a smooth transition into the future consumer transactions, they must first address these shortcomings. These problems not only affect consumers but also impact on financial institutions and the overall credit granting sector. In addressing these systemic glitches, they have to know that there are three issues that need to be smoothed out. First is the disparate rights that accompany different credit cards, debit/check cards and electronic funds transfer. Another problem is the ease of fraud that these systems has generated. Finally, they have to acknowledge that consumers are finding the whole system increasingly becoming confusing. Ways to simplify the process are therefore needed.
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Article Abstract:
Federal Trade Commission (FTC) commissioner Christine A. Varney believes that the innovations in information technology have greatly helped businesses and consumers but have significantly imperiled the privacy of individuals. In light of this, she exhorts consumers and businesses to do their share of responsibilities when using data contained in the Internet and other public channels of information. Varney says the Privacy Principles introduced by the National Information Infrastructure Task Force, which stress disclosure about the use of personal information and not its prohibition, should serve as a guide in protecting the privacy of consumers. She says the FTC is also addressing issues not considered in the aforementioned Privacy Principles.
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Article Abstract:
The business community should prepare for the Clinton administration's increased scrutiny of the privacy issue in 1998. Pres Clinton's July 1, 1997 paper 'A Framework for Electronic Commerce' called on the private sector to develop its own standards for regulating privacy. A negative report on the private sector's progress from White House staffers and the Commerce Dept on July 1, 1998 could prompt the administration to pass legislation for Social Security numbers the use of information. The lack of privacy protection could also lead to losses in global business opportunities in the wake of the European Union Data Protection Directive which prohibits the transfer of data to third-party countries with insufficient privacy protection.
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