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Article

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article

David Kreltszheim

eCash by DigiCash is one of a range of software‐based systems devised for payments to be made over the Internet by the use of electronic tokens or “coins” (known…

Abstract

eCash by DigiCash is one of a range of software‐based systems devised for payments to be made over the Internet by the use of electronic tokens or “coins” (known colloquially as “electronic money”). As in the case of other new electronic systems, the functioning of the system gives rise to novel and difficult legal issues, some of which have yet to be resolved. This article will consider the extent to which a user of the system whose value is stolen may use the common law and equitable tracing rules as a means of taking action against the perpetrator of the fraud.

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Information Management & Computer Security, vol. 7 no. 5
Type: Research Article
ISSN: 0968-5227

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Article

Angela S.M. Irwin, Jill Slay, Kim‐Kwang Raymond Choo and Lin Liu

The purpose of this paper is to examine the identity and payment method verification procedures implemented by a number of popular massively multiplayer online games…

Abstract

Purpose

The purpose of this paper is to examine the identity and payment method verification procedures implemented by a number of popular massively multiplayer online games (MMOGs) and online financial service providers (OFSPs) to determine if the systems they currently have in place are sufficient to uncover the identities of those who may wish to use such environments to conduct money laundering or terrorism financing activity.

Design/methodology/approach

The paper investigates whether the payment instruments or methods used by account holders to place funds into their account(s) hinder or assist investigators to expose the real‐world identity of the account holder. The paper then discusses whether it is feasible and/or desirable to introduce know your customer (KYC) and customer due diligence (CDD) legislation into virtual environments and illustrates an effective KYC approach which may assist MMOGs and OFSPs to correctly identify their account holders, should legislation be put in place.

Findings

The systems currently in place by all of the MMOGs investigated are wholly inadequate to successfully establish the real‐world identities of account holders. None of the information required at the account setup stage is verified and, therefore, cannot be reliably associated with an account holder in a real‐world context. It appears that all three of the MMOGs investigated are leaving the serious matter of identity and payment method verification to the organisations that assist in the sale and purchase of their in‐world currency such as third party currency exchanges and Internet payment systems (collectively referred to as OFSPs). However, many of these OFSPs do not have adequate systems in place to successfully verify the identities of their account holders or users either. The authors' experiments show that it can be a very simple process to open accounts and perform financial transactions with all of the OFSPs investigated using publicly available or fictitious identity information and a prepaid Visa® gift card. Although all five OFSPs investigated in this research claim to verify the identity of their account holders, and may already be subject to KYC and CDD legislation, their systems may need some work to ensure that an account holder or user is accurately identified before financial transactions can take place.

Originality/value

The authors believe that the electronic KYC approach discussed in this paper deals effectively with the challenges of global reach, anonymity and non‐face‐to‐face business relationships experienced by virtual environment operators, thereby assisting in the effective detection and possible prosecution of individuals who wish to use these platforms for illicit and illegal purposes.

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Article

Ehsan Nikbakht, Manuchehr Shahrokhi and Alford Corriette

The purpose of this paper is to investigate the emergence of blockchain to determine its feasibility for electronic transfer payments. An integrated conceptual framework…

Abstract

Purpose

The purpose of this paper is to investigate the emergence of blockchain to determine its feasibility for electronic transfer payments. An integrated conceptual framework is developed for blockchain electronic transfer. The three “markers” of classic money (store of value, medium of exchange and unit of account and efficiency) are assessed in the case of blockchain technology. A survey is also conducted among the executives of financial vs manufacturing sectors with respect to five major variables for the emerging distributed financial data based on blockchain.

Design/methodology/approach

Conducting a literature review and using prior knowledge from the works of those well-versed and knowledgeable in the field. This research is also supported by collecting and analyzing the results of a behavioral survey of the executives in two different industries.

Findings

Blockchain technology has the potential to have widespread change in how firms operate and implement a new method for electronic payments transfer through cryptocurrencies. Although the community for blockchain technology is deregulated and has drawbacks, it is expected that the limitations will gradually be mitigated through its growth. The results of the behavioral survey show that there are significant differences between the expectations/perceptions of participants in the sectors of finance vs manufacturing. Namely, the knowledge/awareness of participants about blockchain, the value-added convenience for end users, and participants’ willingness to embracing and accepting new applications are significantly different between the two sectors.

Originality/value

The reach and applications for Blockchain are not limited to business or any particular sector. Blockchain technology may contribute to the operations of different types of organizations and industry sectors. Since the perception of participants about blockchain is different between selected industries, this research suggests the need for more education and building awareness among the participants in different sectors of the economy.

Details

Managerial Finance, vol. 46 no. 6
Type: Research Article
ISSN: 0307-4358

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Article

Robin Mackenzie

In this article the author proposes to traverse various views on money in order to contend that while antiquated notions of its materiality continue to bedevil English…

Abstract

In this article the author proposes to traverse various views on money in order to contend that while antiquated notions of its materiality continue to bedevil English legal structures, the law will fail to keep up with current commercial practices, and, equally seriously, fail to detect, prevent or punish coming criminal practices as well. The thrust of the argument is that how money is perceived, and what is conceived of as constituting it, together determine how laws deal with the cultural and commercial need for consensus on what might function as a medium of exchange and a store of value. As a consequence, if the perception of money is locked into its historically contingent aspects, legal structures will become increasingly marginalised by the superior resources and sophistication of contemporary organised crime.

Details

Journal of Money Laundering Control, vol. 2 no. 1
Type: Research Article
ISSN: 1368-5201

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Article

Russell G. Smith

This paper examines the security risks associated with conducting commercial transactions through the use of electronic technologies such as the Internet. It will not deal…

Abstract

This paper examines the security risks associated with conducting commercial transactions through the use of electronic technologies such as the Internet. It will not deal with the many other problems which arise out of online commerce such as those relating to misleading and deceptive practices which create particular concerns for consumer protection agencies. Instead, it focuses on the ways in which the various electronic payment systems may be abused for fraudulent purposes.

Details

Journal of Financial Crime, vol. 7 no. 2
Type: Research Article
ISSN: 1359-0790

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Article

Simon Evans

With the development of POS systems, electronic funds transfer, whereby the customer would have her account immediately debited at the point of sale, has become a very…

Abstract

With the development of POS systems, electronic funds transfer, whereby the customer would have her account immediately debited at the point of sale, has become a very real possibility. There are plans in England for a payment system, although no European country has yet started a serious POS funds transfer system. It may be taken as a generalisation that development in POS systems will come earlier in the group of countries oriented towards cheques and credit cards than in those countries oriented towards giro transfers and cash payments. Simon Evans presented this paper at the Information Studies Conference on ‘Data communications for retail management’ in London in March.

Details

Retail and Distribution Management, vol. 7 no. 3
Type: Research Article
ISSN: 0307-2363

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Article

Michel Andrieu

This article examines the future of e‐money as a payment instrument and some of the microeconomic policy issues it will raise. The paper is in two parts. This first part…

Abstract

This article examines the future of e‐money as a payment instrument and some of the microeconomic policy issues it will raise. The paper is in two parts. This first part focuses on the various forms which electronic money is likely to take in the future, and considers key technological and economic factors that will shape its evolution. Part 2, to be published in the next issue of foresight, examines some of the major regulatory and institutional issues that are likely to have a bearing on the adoption of e‐money, notably concerns related to the regulation of payment systems, security, privacy and consumer protection.

Details

Foresight, vol. 3 no. 5
Type: Research Article
ISSN: 1463-6689

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Article

Olubusola H. Akinladejo

The purpose of this paper is to discuss the trends and issues involved in advance fee fraud in the Caribbean.

Abstract

Purpose

The purpose of this paper is to discuss the trends and issues involved in advance fee fraud in the Caribbean.

Design/methodology/approach

The paper offers a definition of advance fee fraud, describing its practice in the context of the Caribbean. The paper outlines the current state of the law in the region, the need for action and the legislative and enforcement strategies required.

Findings

International and regional efforts have been geared towards drug trafficking and money laundering and, in more recent times, terrorism. The time is now ripe for these international and regional efforts to add to their focus advance fee fraud in all its versions and variations. The need to take proactive and decisive measures against advance fee fraud is even more evident in the context of the growth in the use of technology in commerce due to the obvious economic advantage. Advance fee fraud is not just a trick or reward for greed, it is an economic crime and there must be a drastic response from the region. The region should not be complacent towards the fraud in light of far reaching negative effect that the fraud is likely to have in the region.

Originality/value

The paper adds insight into the practice of advance fee fraud in the Caribbean and the need for action to combat it.

Details

Journal of Financial Crime, vol. 14 no. 3
Type: Research Article
ISSN: 1359-0790

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Article

Nick Lockett

Highlights the key features and differences between cash and electronic money and the benefits the former cannot deliver. However, consumer confidence is seen as the vital…

Abstract

Highlights the key features and differences between cash and electronic money and the benefits the former cannot deliver. However, consumer confidence is seen as the vital factor in acceptance of the latter. Summarises the four main areas identified by the European Commission in 1997 where public bodies can boost confidence. Ensuring stability and soundness of issuers of electronic money by defining an appropriate supervisory framework is seen as vital, as is the provision of guidance for issuers and users on liability and redress procedures. Clarification of EC competition rules is necessary to achieve an appropriate balance between interoperability and competition in these markets. Security also needs to be improved to tackle the risks of fraud, counterfeit, tax avoidance and money laundering. Reviews EU recommendations designed to cope with future development of card payment systems.

Details

European Business Review, vol. 99 no. 4
Type: Research Article
ISSN: 0955-534X

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