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Evolution of Law against Payment Frauds [Pehme köide]

(School of Law, Singapore Management University)
  • Formaat: Paperback / softback, 195 pages, kõrgus x laius: 234x156 mm, kaal: 360 g
  • Ilmumisaeg: 09-Dec-2022
  • Kirjastus: Routledge
  • ISBN-10: 0367624354
  • ISBN-13: 9780367624354
Teised raamatud teemal:
Evolution of Law against Payment FraudsSuurem pilt
  • Formaat: Paperback / softback, 195 pages, kõrgus x laius: 234x156 mm, kaal: 360 g
  • Ilmumisaeg: 09-Dec-2022
  • Kirjastus: Routledge
  • ISBN-10: 0367624354
  • ISBN-13: 9780367624354
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9780367624354.html
Märksõnad:
This book examines the evolution of legal institutions in containing and tackling fraudulent activities plaguing payment systems (payment fraud, e.g. forged cheques, wrongful payment instructions, etc.) in Asia, focusing on laws in Greater China and Singapore.

In the past century, the payment system has invited much innovation, changing the modes of payments from exchanging cash and coins to the use of cards, wire transfers and other new types of payment instruments or services (e.g. bitcoins or QR code payments). As the nature of payment services is to move money from one place to another, it naturally attracts fraudsters. Even with advanced computer technology, payment fraud is still rampant in the market, causing billions of dollars in losses globally per annum. Through an examination of payment instruments and associated frauds over time, the book illustrates a shifting trend of legal solutions from criminal sanctions and civil compensation to a gradual focus on regulations of payment intermediaries. This trend reflects the complexity of payment systems and the challenge of protecting them. The book also identifies the underlying actors and institutional characteristics driving the evolution of legal institutions to deal with payment fraud and illustrates how the arrival of new technology may affect the market and thus the evolution of legal institutions.

The book will help readers to better understand the interaction between technology, the market and law and help regulators, financial institutions, practitioners and end users, as well as about payment fraud and corresponding legal responses.

Arvustused

This book deals with a timely and important subject matter to regulators, policy-makers, consumers, practitioners and society - i.e. payment fraud which, in the electronic age, has taken on new forms and accelerations. The book deals with a range of payment fraud chronicling fraud involving physical monies to today's electronic forms. It provides a well-researched and thorough legal discussion which will prove a very useful resource internationally.

Iris H Chiu, Professor of Corporate Law and Financial Regulation, University College London, U.K.

"In this excellent book, the author offers an in-depth account of how fraud occurs in payment systems and how technology is paradoxically both an enabler of, as well as an indispensable tool to, controlling fraud. Focusing on selected Asian jurisdictions, the book offers an excellent account of how legal institutions and the law adapt with changing market environment and innovation of fraudsters. The book is indispensable to academic scholars, practitioners, policy-makers and students in considering the best strategies to address fraud in the financial market."

Professor WAN Wai Yee, School of Law, City University of Hong Kong.

This book provides a comprehensive account of the evolution of law against payment frauds, covering a variety of payment methods such as cash, negotiable instruments, card-based payment, electronic payment and cryptocurrencies. It insightfully examines the interaction of law, technology and the payment services market, shedding important light on the various actors who have interacted to shape the relationship, particularly in the new era of Fintech. Highly recommended.

Robin Hui Huang, Professor of Law, Chinese University of Hong Kong

It is impossible to be a banking and financial law expert without understanding the regulatory framework governing the payment system. It is equally impossible for anyone serious about the development of the contemporary banking and financial industry to research or practice without capturing how new technologies have reshaped the landscape. This book will prove to be an indispensable addition to the library of practitioners, policymakers, and academics in the field.

Han-Wei Liu, Senior Lecturer, Business Law & Taxation, Monash University, Australia

List of Abbreviations
xiii
1 Introduction: The Interaction of Law, Technology and the Payment Services Market
1(21)
Prologue
1(1)
I General Framework: Technology, Market and Institutional Change
2(2)
II An Overview: The Interaction of Technology, Financial Services and Fraudulent Activities in the Payment Market
4(6)
A Payment Process and Payment Services
4(2)
B Technology and Provision of Payment Services: From Physical to Digital
6(1)
C Technology and Fraud
7(1)
D Legal Institutions on Payment Services and Fraud
8(2)
E Summary
10(1)
III Interested Parties in Adopting Payment Technology and Countering Fraud
10(6)
A Regulators and Lawmakers
10(2)
B Financial Institutions
12(1)
C Telecommunication Firms and Internet Service Providers
13(1)
D Other Technology Firms and Start-Ups
14(1)
E End Users and Fraudsters
15(1)
IV Map of the Book
16(3)
Reference
19(3)
2 An Overview of the Evolution of Payment Services and Fraud
22(38)
I Introduction
22(1)
II Overview of Payment Instruments and Services
23(23)
A Basic Scenario
23(1)
B Cash: Coins and Notes
24(2)
C Negotiable Instruments
26(3)
D Card-Based Payment
29(3)
E Wire or Inter-Bank Transfer
32(4)
F Informal Money Transfer
36(3)
G Electronic Payment Services
39(4)
H Cryptocurrencies
43(2)
I Obstacle to Cross-Border Payment
45(1)
J Summary
46(1)
III Payment Fraud: A Broad Overview
46(8)
A Defining Fraud
41(8)
B Why Is Fraud Wrong?
49(1)
C Mechanics of Payment Fraud
50(4)
IV
Chapter Summary
54(1)
Reference
55(5)
3 From Metal to Paper: Fraud Related to Cash Notes and Coins
60(18)
I Introduction
60(1)
II Cash Payment Fraud
60(4)
A Producing Counterfeit Money
61(1)
B Using Counterfeit Money
62(2)
III Legal Institutions Against Cash Fraud
64(7)
A Criminal Sanctions Related to the Production of Counterfeit Money
65(1)
1 Criminal Sanctions for the Production of Counterfeit Money
65(2)
2 Possessing or Making Tools or Materials for Counterfeit Money
67(1)
B Criminal Sanctions Related to Possession, Transport and Use of Counterfeit Money
67(2)
C Control Over the Issuance of Money and Security Features
69(2)
IV Summary and Reflection
71(5)
Reference
76(2)
4 Fraud in Paper-Based Negotiable Instruments
78(25)
I Introduction
78(1)
II Types of Fraud Related to Negotiable Instruments
79(6)
A Forgery or Alteration of Negotiable Instmments
79(2)
B Imposters: Unauthorised Issuance or Transfer of Negotiable Instruments
81(1)
1 Unauthorised Issuance of a Cheque
81(1)
2 Unauthorised Use of Personal Stamps
81(1)
3 Fake Signature of Issuer
82(1)
4 Fake Signature for Endorsement
82(1)
C Using Fake Negotiable Instruments
83(1)
D Issuance of Cheques With Insufficient Funds in a Bank Account
84(1)
1 Issuing a Blank Cheque With No Intention to Meet Payment
84(1)
2 Making a Payment With a Genuine Cheque but With Low Credibility
85(1)
G Summary
85(1)
III Legal Institutions Against Fraud Related to Negotiable Instruments
85(11)
A Criminal Sanctions for Forgery or Alteration of Negotiable Instruments
86(1)
1 Forgery
86(2)
2 Making or Possessing Tools or Materials to Forge or Alter a Negotiable Instrument
88(1)
3 Criminal Sanctions for Using or Possessing Forged Negotiable Instrument Documents
88(1)
4 Summary
89(1)
B General Fraudulence: Penalties for Issuance of a Negotiable Instrument With Insufficient Funds
89(2)
C Control Through the Banking and Clearing System
91(1)
1 Customer or Chequing Account Agreement
91(1)
2 Automated Clearing of Cheques
92(2)
3 Security Features on Cheques
94(1)
D Civil Laws Regarding Negotiable Instruments
94(1)
1 Signature by the Issuer
95(1)
2 Crossing Out or Parallel Lines
96(1)
IV Summary and Reflection
96(5)
Reference
101(2)
5 The Evolution of Fraud Related to Card-Based Payment
103(31)
I Introduction
103(1)
II Types of Fraud Involving Cards
104(8)
A Counterfeit Cards
104(1)
1 Cloning a Credit or Debit Card
105(1)
2 Forgery or Alteration of Stored-Value Cards
106(1)
3 Acquiring Counterfeit Cards and Forging Signatures
107(1)
B Using a Counterfeit Credit Card
107(2)
C Unauthorised Use of Cards
109(1)
1 Unauthorised Use of a Person's Credit Card With Correct Information
109(1)
2 Unauthorised Use of Another Person's Card With a Forged Signature
110(1)
3 Unauthorised Use of Another Person's Stored-Value Card
110(1)
D Acquiring a Credit Card With False Information
110(1)
E Fraud in Relation to Card Systems
111(1)
F Summary
112(1)
III Legal Institutions Countering Card Fraud
112(15)
A Criminal Sanctions on Payment Card Fraud
112(1)
1 Criminal Penalty for Forgery of Cards
112(3)
2 Criminal Sanctions for Using Forged or Altered Cards
115(1)
3 Criminal Sanction on the Illegal Acquisition of Card Information
116(1)
B Anti-Fraud Mechanisms Adopted by Card Issuers
116(1)
1 Security Measures by Card Associations
116(2)
2 Banking Regulation on Credit Card Fraud Control
118(3)
3 Self-Regulatory Rules on Banks' Conduct
121(1)
4 Regulation for Stored-Value Cards
122(2)
C Responsibility of Cardholders
124(1)
1 General
124(1)
2 Terms and Conditions for Credit or Debit Cards
124(2)
3 Terms and Conditions for Stored-Value Cards
126(1)
IV Summary and Reflection
127(5)
Reference
132(2)
6 From Physical to Digital: Fraud Related to Inter-Bank Transfer and Electronic Payment
134(28)
I Introduction
134(1)
II Types of Fraud Related to Electronic Payment
135(9)
A Imposters: Unauthorised Inter-Bank Transfer
135(1)
1 Unauthorised Bank Transfer in a Bank Branch
136(1)
2 False Payment Instruction Made Remotely
137(1)
B Imposters: Unauthorised Remote Payment With Payment Cards or e-Wallets
138(1)
1 Unauthorised Transfer by Bank Card
138(1)
2 Unauthorised Use of Credit Cards Electronically
139(1)
3 Unauthorised Access to e-Wallets
140(1)
4 Unauthorised Transfer by Misusing Computer Records
140(1)
C Insufficient Fund
141(1)
D Fraud by Unauthorised Payee
142(1)
E Fraud for Informal Money Transfer
143(1)
F Summary
143(1)
III Legal Institutions Countering Payment Fraud Involving Electronic Transfer
144(12)
A Criminal Sanction Against Abuse of Electronic Payment System
144(3)
B Regulation of Banks, Payment Services Providers and Payment Systems
147(1)
1 Banking Regulation on Wire Transfer Regarding Fraud
147(5)
2 Regulations Specifically for Non-Bank PSPs
152(1)
C Contractual Approach to Control Fraud
152(1)
1 Regulating End Users' Conduct
152(1)
2 Regulating Merchants' and Payment Services Providers' Conduct
153(1)
3 Contractual Arrangements for Losses due to Fraud
154(1)
4 Liability Rule and Fraud
155(1)
IV Summary and Reflection
156(3)
Reference
159(3)
7 The Future: Payment Fraud in Digital Payment Tokens
162(24)
I Introduction
162(2)
II Crypto Payment Fraud
164(4)
A Counterfeit Digital Payment Tokens
164(1)
B Unauthorised Transactions
165(1)
C Fraud by Unauthorised Payee
166(1)
D Insufficient Funds?
166(1)
E Summary
167(1)
III Legal Institutions: Evolution for Digital Payment Tokens
168(13)
A Potential Criminal Sanctions Against Fraud Regarding Digital Payment Tokens
168(1)
1 Misuse of Computers
168(1)
2 Forgery and Counterfeit: Recharacterisation of Digital Payment Tokens
168(4)
B Regulation of Payment Service Providers for Digital Payment Tokens
172(1)
1 Self-Regulation or On-Chain Governance
172(1)
2 Regulation of Crypto-Wallet Providers
173(6)
C Contractual Arrangements and Fraud
179(2)
IV Summary and Reflection
181(2)
Reference
183(3)
8 Reflection and Conclusion: A Shifting Trend of Anti-Fraud Legal Institutions
186(10)
Recap of Previous
Chapters
186(3)
I Reflection I: Trends in the Interactions of Technology With Payment Services and Fraud
189(2)
II Reflection II: The Evolution of Legal Institutions Against Payment Fraud
191(5)
A From Sanction to Monitoring
191(2)
B From Forgery to Computer and Data Misuse
193(1)
C Actors of Institutional Change
194(2)
Epilogue 196(1)
Index 197
Christopher Chen is Associate Professor of Law at the College of Law, National Taiwan University.