FTC To Use Light Touch In Mobile Payments Regulation
By Allison Grande (April 26, 2012, 7:58 PM EDT) -- A Federal Trade Commission director said Thursday that the agency would steer away from applying current consumer protection regulations to the emerging world of mobile payments, echoing industry calls to allow this technology to grow organically.
The Fair Credit Billing Act, the Electronic Fund Transfer Act, and other statutes protect consumers against loss, fraud and deception when making credit card, debit card, prepaid card or gift card purchases both in person and electronically, panelists explained during a mobile payments workshop hosted by the FTC.
With mobile payments on the rise, the FTC is continuously examining the privacy, security and disclosure issues...
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