The FTC also enforces the Electronic Funds Transfer Act, which establishes the rights, liabilities and responsibilities of participants in electronic funds transfer systems
. The act sets liability limits for losses caused by unauthorized transfers and requires financial institutions to adopt certain practices for transaction accounting, preauthorized transfers and error resolution.
The agency has already announced that applications for this algorithm will include electronic funds transfer systems
, software distribution, data storage and electronic data interchange functions requiring signatures, such as contracts and purchase orders.
Wright also covers similarities in legal concerns between EDI and electronic funds transfer systems
, record keeping laws and their relevance to EDI, and potential EDI antitrust implications.
I am pleased to appear today to discuss with you issues related to the security of large-dollar value electronic funds transfer systems
and the influence of technology on the future development of these systems.