The financial services sector has had a respectable track record in the protection of consumer privacy. However, business practices, industry consolidation, electronic commerce and economic trends have raised consumer privacy as a key issue in the financial services sector. Improvements in the rapid transfer of information provide a new medium for the purchase of goods and services, that is, the medium of electronic commerce. The European Union has forced the issue with the Data Protection Directive. As a result, the United States has had to debate the lack of regulation or standards governing the new medium of electronic commerce. The debate could hinder any advance by society to engage in new technology. Because of increased government attention through regulatory and legislative action, corporations are developing self-regulatory initiatives to create industry standards for electronic commerce. Consumer privacy deals with how and what types of information are collected and how the data is controlled and accessed. Consumer concepts of privacy will resist or allow different configurations of what is allowable and what is utilized. The book is an exploratory and descriptive study that assesses the privacy concerns of today's consumer, as well as determines the potential impact of consumer privacy concerns on technological innovation and public policy. In order to understand privacy concerns, the study builds and extends current quantitative research on privacy in the financial service sector. Current research was developed to assess the privacy concerns of consumers. It was not designed to analyze or evaluate the specific impact of privacy on underrepresented consumers. The study expands research to focus on this particular segment of the population. Using privacy as the foundational issue/motivation for developing perspectives on financial education, the study focuses on people of color in the financial mainstream of our economy.

The historic European Union Directive on Data Protection will take effect in October 1998. A key provision will prohibit transfer of personal information from Europe to other countries if they lack “adequate” protection of privacy. If enforced as written, the Directive could create enormous obstacles to commerce between Europe and other countries, such as the United States, that do not have comprehensive privacy statutes. In this book, Peter Swire and Robert Litan provide the first detailed analysis of the sector-by-sector effects of the Directive. They examine such topics as the text of the Directive, the tension between privacy laws and modern information technologies, issues affecting a wide range of businesses and other organizations, effects on the financial services sector, and effects on other prominent sectors with large transborder data flows. In light of the many and significant effects of the Directive as written, the book concludes with detailed policy recommendations on how to avoid a coming trade war with Europe. The book will be of interest to the wide range of individuals and organizations affected by the important new European privacy laws. More generally, the privacy clash discussed in the book will prove a major precedent for how electronic commerce and world data flows will be governed in the Internet Age.

The OECD has revised its Recommendation on Consumer Protection in E-commerce in order to adapt consumer protection to the current environment and reinforce fair business practices, information disclosures, payment protections, dispute resolution and education.

The continued growth of e-commerce mandates the emergence of new technical standards and methods that will securely integrate online activities with pre-existing infrastructures, laws and processes. Protocols for Secure Electronic Commerce, Second Edition addresses the security portion of this challenge. It is a full compendium of the protocols for securing online commerce and payments, serving as an invaluable resource for students and professionals in the fields of computer science and engineering, IT security, and financial and banking technology. The initial sections provide a broad overview of electronic commerce, money, payment systems, and business-to-business commerce, followed by an examination of well-known protocols (SSL, TLS, WTLS, and SET). The book also explores encryption algorithms and methods, EDI, micropayment, and multiple aspects of digital money. Like its predecessor, this edition is a general analysis that provides many references to more technical resources. It delivers extensive revisions of previous chapters, along with new chapters on electronic commerce in society, new e-commerce systems, and the security of integrated circuit cards.

Economist Mann and scholars of international studies and electronic commerce offer both general analysis and specific examples of government policies to promote international electronic commerce for the greatest gain. They consider telecommunications, finance, domestic distribution, taxation, privacy, and international trade. Annotation copyrighted by Book News, Inc., Portland, OR