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Privacy in Electronic Funds Transfer Chapter 4 Privacy in Electronic Funds Transfer Chapter
BibTeX
@MISC{_privacyin,
author = {},
title = {Privacy in Electronic Funds Transfer Chapter 4 Privacy in Electronic Funds Transfer Chapter},
year = {}
}
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Abstract
Three principal concerns about electronic funds transfer (EFT) privacy have arisen: 1. the extent to which personal data in EFT systems are or might be disclosed to third parties by financial institutions; 2. the possibility of Government or private surveillance through EFT systems and data files; and 3. the right of consumers to see, challenge, and correct personal data in EFT systems that might be used, for example, to refuse them credit or in other disadvantageous ways. However, EFT has not yet become a dominant factor in the marketplace, and people have readily available alternatives in carrying out financial transactions. Because of limited market penetration, EFT services so far have led to only minimal consolidations of financial data in any one system. Some EFT services may not be quite as easy to avoid in the future. Employers may insist on direct deposit of payrolls, social welfare systems may insist on deposit of benefits, and mortgage companies and others may insist on automatically deducted payments. If EFT services become more pervasive, integrated customer files will be more common and public consciousness of the potential for invasion of privacy is likely to increase. With increased use of EFT there will be a large number of points at which traditional norms of privacy could be invaded. More EFT terminals will be online, making electronic surveillance a more credible possibility. Single-statement reporting of all kinds of Summary financial transactions will become common; more data will be aggregated and thus easier to access. At the same time, there could be broader and swifter dissemination of inaccurate data. Even if customer correction of data is facilitated, it will be more difficult for corrections to catch up with and replace faulty information.
Keyphrases
electronic fund transfer chapter eft service eft system personal data dominant factor financial data social welfare system limited market penetration large number credible possibility public consciousness increased use eft terminal customer file principal concern data file private surveillance third party minimal consolidation direct deposit mortgage company available alternative inaccurate data electronic fund disadvantageous way single-statement reporting summary financial transaction electronic surveillance customer correction financial institution financial transaction faulty information traditional norm
