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dc.contributor.authorMorse, Edward A.en_US
dc.contributor.authorRaval, Vasanten_US
dc.date.accessioned2014-06-27T13:50:24Z
dc.date.available2014-06-27T13:50:24Z
dc.date.issued2012en_US
dc.identifier.citationEdward A. Morse & Vasant Raval, Private Ordering in Light of the Law: Achieving Consumer Protection Through Payment Card Security Measures, 10 DePaul Bus. & Com. L.J. 213 (2012).en_US
dc.identifier.issn1542-2763en_US
dc.identifier.issn1542-2763en_US
dc.identifier.urihttp://hdl.handle.net/10504/61572
dc.description.abstractA private ordering regime has developed within the payment card industry to define appropriate security practices and to monitor compliance by network participants. Market demands for trustworthy systems upon which consumers and merchants could rely provide incentives for security, which the card brands supplement by privately designed fines and sanctions imposed through contract. Although private ordering has functioned sufficiently well to make payment cards a trusted payment method, the system is not completely secure, as data security breaches continue to occur. This is not surprising, as complete security is not a feasible goal. Nevertheless, some have questioned whether additional government regulation is necessary to protect consumers. This article explores the effects of legal intervention, including disclosure laws, on this private ordering system. It questions whether additional government intervention would enhance consumer welfare, particularly when consumers will likely bear the ultimate costs of such regulation. It recommends modifications in breach disclosure laws to eliminate individual notice requirements in favor of public notices, which may reduce costs and enhance consumer welfare. It challenges "bounty" enforcement regimes, such as FACTA, which offer little marginal benefit to consumers while substantially raising costs. It identifies practical and political problems presented by the different capacities of large and small firms to bear security costs, which are not easily solved under either private ordering or legislative approaches. Finally, it offers a set of policy issues as a possible agenda for consideration by policy makers and researchers in this domain.en_US
dc.titlePrivate ordering in light of the law: Achieving consumer protection through payment card security measuresen_US
dc.typeJournal Articleen_US
dc.rights.holderCopyright (c) 2012 Edward A. Morse, Vasant Ravalen_US
dc.description.volume10en_US
dc.title.workDePaul Business & Commercial Law Journalen_US
dc.description.pages213-265en_US
dc.subject.fastElectronic funds transfersen_US
dc.subject.fastCredit cardsen_US
dc.subject.fastComputer securityen_US
dc.subject.fastData protectionen_US
dc.subject.fastConsumer protectionen_US
dc.url.fasthttp://id.worldcat.org/fast/00907204en_US
dc.url.fasthttp://id.worldcat.org/fast/00882566en_US
dc.url.fasthttp://id.worldcat.org/fast/00872484en_US
dc.url.fasthttp://id.worldcat.org/fast/00887958en_US
dc.url.fasthttp://id.worldcat.org/fast/00876358en_US
dc.date.year2012en_US
dc.date.monthWinteren_US
dc.description.issue2en_US
dc.program.unitSchool of Lawen_US
dc.program.unitCollege of Business Administrationen_US
dc.program.unitAccountingen_US
dc.url.link3http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1670112en_US
dc.url.link1https://heinonline.org/HOL/Page?public=false&handle=hein.journals/depbcl10&men_hide=false&men_tab=citnav&collection=journals&id=217en_US
dc.contributor.cuauthorMorse, Edward A.en_US
dc.contributor.cuauthorRaval, Vasanten_US
dc.identifier.viafhttp://viaf.org/viaf/119926229
dc.identifier.viafhttp://viaf.org/viaf/115690618
dc.identifier.isnihttp://isni.org/isni/0000000110079769
dc.identifier.isnihttp://isni.org/isni/0000000084769730
dc.identifier.wcihttp://www.worldcat.org/identities/lccn-n2006065427/
dc.identifier.wcihttp://www.worldcat.org/identities/lccn-n85821550/
dc.identifier.ssrnhttp://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=228554
dc.identifier.ssrnhttp://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1158472


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