Question

what are some case laws relating to online transaction?

Answer 1

The electronic banking and digital transaction have become a standard part of the everyday lives. To ensure that online transactions are performed in a secure and safe environment, lawmakers have developed the laws prescribing proper practices for the online financial activities. These include the requirement to comply with strict regulations. The digital transactions have a great deal of risk; and Congress identified this risk early in the digital revolution and with the passing of the "Financial Services Modernisation Act" (also termed Gramm-Leach-Bliley Act) responded to the risk in 1999. The Act ensures the privacy concerns in analog and digital financial transactions. The Federal Trade Commission in 2007 developed a set of rules - known as the “Red Flag Rules” mainly designed to address security and consumer protection problems created by digital transactions.

Despite the developments have been made in the legal structures for the regulations of the electronic financial activities, new concerns are arising constantly. For example, in the case of Murphy v. NCAA the questions were raised on the legality of online sports betting in America. Also, cryptocurrencies created puzzle for the federal regulators across various jurisdictions, as innovated financial technology does not squarely fit into the existing structure based on regulations.