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The Evolution of Law against Payment Frauds




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ISBN 9780367624354
December 16, 2022 Forthcoming by Routledge
232 Pages

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Book Description

This book examines the evolution of legal institutions in containing and tackling fraudulent activities plaguing payment systems (‘payment fraud’, e.g. forged cheques, wrongful payment instructions, etc.) in Asia, focusing on laws in Greater China and Singapore.

In the past century, the payment system has invited much innovation, changing the modes of payments from exchanging cash and coins to the use of cards, wire transfers and other new types of payment instruments or services (e.g. bitcoins or QR code payments). As the nature of payment services is to move money from one place to another, it naturally attracts fraudsters. Even with advanced computer technology, payment fraud is still rampant in the market, causing billions of dollars in losses globally per annum. Through an examination of payment instruments and associated frauds over time, the book illustrates a shifting trend of legal solutions from criminal sanctions and civil compensation to a gradual focus on regulations of payment intermediaries. This trend reflects the complexity of payment systems and the challenge of protecting them. The book also identifies the underlying actors and institutional characteristics driving the evolution of legal institutions to deal with payment fraud and illustrate how the arrival of new technology may affect the market and thus the evolution of legal institutions.

The book will help readers to better understand the interaction between technology, the market and law and help regulators, financial institutions, practitioners and end-users and as well as about payment fraud and corresponding legal responses.

Table of Contents

1. Introduction: The Interaction of Law, Technology and the Payment 2. An Overview of the Evolution of Payment Services and Fraud 3. From Metal to Paper: Fraud related to Cash Notes and Coins 4. Fraud in Paper-Based Negotiable Instruments 5. The Evolution of Fraud Related to Card-based Payment 6. From Physical to Digital: Fraud related to Inter-bank Transfer and Electronic Payment 7. The Future: Payment Fraud in Digital Payment Tokens 8. Reflection and Conclusion: A Shifting Trend of Anti-fraud Legal Institutions

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Author(s)

Biography

Christopher Chen is Associate Professor of Law at the College of Law, National Taiwan University.

Reviews

‘This book deals with a timely and important subject matter to regulators, policy-makers, consumers, practitioners and society - i.e. payment fraud which, in the electronic age, has taken on new forms and accelerations. The book deals with a range of payment fraud chronicling fraud involving physical monies to today's electronic forms. It provides a well-researched and thorough legal discussion which will prove a very useful resource internationally.’

Iris H Chiu, Professor of Corporate Law and Financial Regulation, University College London, U.K.

"In this excellent book, the author offers an in-depth account of how fraud occurs in payment systems and how technology is paradoxically both an enabler of, as well as an indispensable tool to, controlling fraud. Focusing on selected Asian jurisdictions, the book offers an excellent account of how legal institutions and the law adapt with changing market environment and innovation of fraudsters. The book is indispensable to academic scholars, practitioners, policy-makers and students in considering the best strategies to address fraud in the financial market."

Professor WAN Wai Yee, School of Law, City University of Hong Kong.

‘This book provides a comprehensive account of the evolution of law against payment frauds, covering a variety of payment methods such as cash, negotiable instruments, card-based payment, electronic payment and cryptocurrencies. It insightfully examines the interaction of law, technology and the payment services market, shedding important light on the various actors who have interacted to shape the relationship, particularly in the new era of Fintech. Highly recommended.’

Robin Hui Huang, Professor of Law, Chinese University of Hong Kong

‘It is impossible to be a banking and financial law expert without understanding the regulatory framework governing the payment system. It is equally impossible for anyone serious about the development of the contemporary banking and financial industry to research or practice without capturing how new technologies have reshaped the landscape. This book will prove to be an indispensable addition to the library of practitioners, policymakers, and academics in the field.’

Han-Wei Liu, Senior Lecturer, Business Law & Taxation, Monash University, Australia