Mobile Payments comprise a growing percentage of financial transactions in the U.S. With the proliferation of mobile technology comes increasing challenges for banks and other financial services companies.
Banks already have a plethora of regulations that require them to prevent "money laundering" and other kinds of fraud, protect consumer privacy, disclose fair lending terms, and so on. Adding to the compliance burden are the compliance issues inherent in dealing with third-party technology vendors who do not have the same regulatory strictures.
How can financial institutions manage the risks inherent in using wireless technology to transfer payments while dealing with third-party vendors to implement their mobile payments strategies? Join counsel experienced with issues involving the intersection of financial services and wireless communications as well as an expert on product development for mobile and emerging payments for a concise discussion that identifies risks associated with mobile payments and how current regulations apply.
- Status of cybersecurity, privacy, and data breach notification legislation
- Wireless carrier/telecomm regulation
- Compliance issues for financial institutions using third-party technology vendors
- Banking regulations that affect mobile payments
John B. Beaty, Venable LLP, Washington, DC
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