Law Existing to Protect Electronic Commerce

602 Words3 Pages
The growth of the Internet has caused increase in transactions electronically. People are now accustomed to buying goods over the Internet. However, the growing business and money transacted over the Internet has given opportunities for criminals to take advantage of wireless transactions. Similarly, businesses may also be exploiting the ease of doing business over the Internet to take advantage of unsuspecting consumers. The United States government and different agencies have constantly updated law in order to protect both consumers and business including the growing the e-commerce environment. Credit Card Fraud Credit cards are among the most common modes of payment done over the Internet. However, this exposes credit card holders to theft and unauthorized use of their credit card. "Fraudulent use of credit cards, penalties" aims to protect credit card holders from fraudulent use of their credit card. With the law, there is an increased security among credit card user from theft and fraud. The law essentially defines the credit card fraud including recipients of goods acquired through credit fraud and the penalties associated with crime. However, it is not only criminals that are taking advantage of electronic payments made over the Internet. Electronic payments require personal information of the credit card owner. This potentially exposes them to identity theft. The Fair and Accurate Credit Transaction Act of 2003 or FACTA aims to improve information shared over the Internet and protect consumers and their privacy. Companies may be using consumer information and selling them to third party businesses that promote advertising. FACTA aims to limit information sharing among business that protects consumers from unwanted and unsolicited advertising, and more importantly identity theft. The law protects consumers and their personal information that may be used

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