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Article
Publication date: 1 April 1999

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

Article
Publication date: 1 March 1979

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

Article
Publication date: 20 July 2010

Giorgio Merlonghi

The purpose of this paper is to stimulate some reflections on the potentially contradictory relationship between the adoption of innovative payment instruments and the…

2399

Abstract

Purpose

The purpose of this paper is to stimulate some reflections on the potentially contradictory relationship between the adoption of innovative payment instruments and the prevention and fight against financial crime. The ideal addresses of the paper are regulators in these two fields (Central Banks; Financial Intelligence Units).

Design/methodology/approach

The paper is largely based on reflections coming from the author's background as a central banker with a long experience in the statistical analysis of financial data with an anti‐money laundering (AML) focus.

Findings

The paper takes the move from the present and prospective characteristics of the payment means and moves on to analyse briefly the possible implications of their evolution in the fight against money laundering and the financing of terrorism. The analysis shows how some factors that make innovative payment instruments desirable may, at the same time, represent elements of weakness in the prevention of financial crime.

Research limitations/implications

The paper addresses a number of theoretical and systemic issues but no specific data or calculations are provided to evaluate alternative regulatory scenarios. Further studies could offer a more quantitative approach, in an attempt, for instance, to estimate the costs and benefits of the evolution of the praxis and legislation in the field of payment system and AML.

Practical implications

The paper openly tackles the cross effects of regulation in the financial sector, specifically addressing the potential risk factor represented by loosely regulated innovations of the payment instruments. The argument is intended to highlight both the importance of technological evolution and the necessity of a proper supervision over potential loopholes and unguarded passages that could be exploited by financial criminals.

Originality/value

The paper addresses questions of particular relevance in the present, fast developing world of advanced technological payments and global financial crime. The author underlines explicitly how these two fields share some common features; an original argument is developed with reference to the possible risk of unwanted spillovers between these two areas of public interest.

Details

Journal of Money Laundering Control, vol. 13 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 June 1979

Danica Ognjenovic

The wind of change is blowing through the stores of this country, not least in terms of how we may be paying for our purchases in the coming decades. Electronic funds

Abstract

The wind of change is blowing through the stores of this country, not least in terms of how we may be paying for our purchases in the coming decades. Electronic funds transfer was the subject of a seminar held recently by Retail Conferences (“Retail Cash Handling in the Eighties”), and one of the speakers there gave a run‐down of the evolution of commodity, coin and paper. How long before we swap paper for the plastic card? His criteria for the acceptance of these payment systems was that they were, at one time or another, convenient, secure and universally acceptable. Does the plastic card meet these requirements? Particularly on the last score, where it would have to be acceptable to the banks, the retailers and the consumer? And who pays for the experiments necessary before full implementation of EFTS? And what about the numbers among our population who do not at the moment have bank accounts? Can they be drawn into the system?

Details

Retail and Distribution Management, vol. 7 no. 6
Type: Research Article
ISSN: 0307-2363

Article
Publication date: 1 May 1980

Frank Pegg

Electronic Funds Transfer systems will, in spite of delays, be introduced in this country before very long. When the banks and the retailers can resolve their differences…

Abstract

Electronic Funds Transfer systems will, in spite of delays, be introduced in this country before very long. When the banks and the retailers can resolve their differences over the form the system should take, the growth potential should be substantial. But there will be security problems for the retailer. It is these problems which Frank Pegg discusses in this special feature.

Details

Retail and Distribution Management, vol. 8 no. 5
Type: Research Article
ISSN: 0307-2363

Article
Publication date: 24 July 2007

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

Keywords

Article
Publication date: 9 May 2008

Manuchehr Shahrokhi

This purpose of this paper is to provide an overview of the status of e‐finance and discuss related issues and challenges. Provides data about growth of e‐finance in the…

14383

Abstract

Purpose

This purpose of this paper is to provide an overview of the status of e‐finance and discuss related issues and challenges. Provides data about growth of e‐finance in the last decade. Introduces advances and innovations in e‐finance and challenges facing the financial services and IT industries.

Design/methodology/approach

The paper employs the archival method of reviewing related literature (theoretical, applied and empirical) and organizing and presenting the topics to provide an overview of e‐finance status.

Findings

The major contributions and finding of this paper include all areas of e‐finance, application of technology to e‐finance, growth of the e‐finance in the financial services industry.

Research limitations/implications

The paper provides areas of e‐finance that face many different challenges and calls for further research in a number of areas related to e‐finance technology and the interface of financial services and IT.

Practical implications

The paper brings all scattered information and data about e‐finance under one umbrella that would make scholars and practitioners aware of advances in e‐finance and applications of innovations and new technology to financial services provided.

Originality/value

The main value or contribution of this paper is bringing together most of available literature, advances, innovations, application of IT in the financial services industry and showing how organizations could benefit from such innovations. It also provides ideas to scholars for further research in this area.

Details

Managerial Finance, vol. 34 no. 6
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 9 May 2008

Courtney J. Linn

The term “prepaid card” refers to the pre‐payment of value process, i.e. pay now and extract value later, and describes most of the prepaid/stored value products available…

1930

Abstract

Purpose

The term “prepaid card” refers to the pre‐payment of value process, i.e. pay now and extract value later, and describes most of the prepaid/stored value products available today. These cards have largely supplanted paper gift certificates and travelers checks, and are used as alternatives for traditional paper‐based transactions such as payroll payments, cross‐border remittances, and government assistance or welfare benefit programs. However, the same attributes that make open‐system prepaid cards attractive to legitimate customers make them attractive to money launderers. The purpose of this paper is to make the case for subjecting certain prepaid card products (but not all) to Report of International Transportation of Currency or Monetary Instruments (CMIR) requirements.

Design/methodology/approach

Addresses how the US law‐enforcement agencies might reconstruct the CMIR enforcement regime to address the unique challenges that prepaid card products present.

Findings

The money laundering threat posed by these products is not immediate, but it is not conjectural either. US law‐enforcement agencies (and perhaps ultimately the courts) will be required to address the fourth amendment and privacy issues that may arise when a customs officer “searches” a prepaid card by swiping it and ascertaining the value of the funds associated with that card.

Originality/value

The paper is of value by showing that problem issues can be surmounted, provided the enforcement regime is narrowly targeted to include only those prepaid card products that bear the closest resemblance to currency, and provided the funds associated with those products are maintained in pooled accounts.

Details

Journal of Money Laundering Control, vol. 11 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 December 2001

Michel Andrieu

This is the second part of a two‐part paper on the future of electronic payments. Part 1, which was published in the last issue of this journal, examined the various…

Abstract

This is the second part of a two‐part paper on the future of electronic payments. Part 1, which was published in the last issue of this journal, examined the various electronic forms of payment that are likely to emerge in the future, and considered some of the main technological and economic factors that will shape this evolution. This second part focuses on major regulatory and institutional issues that will influence the wider acceptance of electronic payment.

Details

Foresight, vol. 3 no. 6
Type: Research Article
ISSN: 1463-6689

Keywords

Article
Publication date: 1 February 1987

Douglas K. Ferguson

The Fred Meyer Charitable Trust, Division of Library and Information Resources for the Northwest, has funded five research projects that will demonstrate the potential of…

Abstract

The Fred Meyer Charitable Trust, Division of Library and Information Resources for the Northwest, has funded five research projects that will demonstrate the potential of various techniques and new technologies to facilitate communications and resource sharing in the Northwest. The experience and information derived from these projects will be of value to all libraries and information centers, not just those conducting the research. The techniques and technologies being evaluated include: simultaneous remote searching, which uses inexpensive terminals and modems; a mini‐computer‐based union list and resource sharing network (INFONET); networks using facsimile machines; networks that transmit documents that have been optically scanned into bit‐map image files; and use of optical character recognition equipment to capture ASCII machine‐readable information that can be broadcast by television stations to user‐sites. Contributors of reports are: Verl Anderson, Linda Brander, Millard F. Johnson, Jr., Bruce Morton, and Steve Smith. Summary observations are provided by Joseph R. Matthews.

Details

Library Hi Tech, vol. 5 no. 2
Type: Research Article
ISSN: 0737-8831

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