The Evolution of Law against Payment Frauds

Cover
Half Title
Endorsements
Title
Copyright
Dedication
Table of Contents
List of Abbreviations
1 Introduction: The Interaction of Law, Technology and the
 Payment Services Market
	Prologue
	I. General Framework: Technology, Market and Institutional
 Change
	II. An Overview: The Interaction of Technology, Financial
 Services and Fraudulent Activities in the Payment Market
		A. Payment Process and Payment Services
		B. Technology and Provision of Payment Services: From
 Physical to Digital
		C. Technology and Fraud
		D. Legal Institutions on Payment Services and Fraud
		E. Summary
	III. Interested Parties in Adopting Payment Technology and
 Countering Fraud
		A. Regulators and Lawmakers
		B. Financial Institutions
		C. Telecommunication Firms and Internet Service Providers
		D. Other Technology Firms and Start-Ups
		E. End Users and Fraudsters
	IV. Map of the Book
	Reference
2 An Overview of the Evolution of Payment Services and Fraud
	I. Introduction
	II. Overview of Payment Instruments and Services
		A. Basic Scenario
		B. Cash: Coins and Notes
		C. Negotiable Instruments
		D. Card-Based Payment
		E. Wire or Inter-Bank Transfer
		F. Informal Money Transfer
		G. Electronic Payment Services
		H. Cryptocurrencies
		I. Obstacle to Cross-Border Payment
		J. Summary
	III. Payment Fraud: A Broad Overview
		A. Defining Fraud
		B. Why Is Fraud Wrong?
		C. Mechanics of Payment Fraud
	IV. Chapter Summary
	Reference
3 From Metal to Paper: Fraud Related to Cash Notes and Coins
	I. Introduction
	II. Cash Payment Fraud
		A. Producing Counterfeit Money
		B. Using Counterfeit Money
	III. Legal Institutions Against Cash Fraud
		A. Criminal Sanctions Related to the Production of
 Counterfeit Money
			1. Criminal Sanctions for the Production of Counterfeit
 Money
			2. Possessing or Making Tools or Materials for Counterfeit
 Money
		B. Criminal Sanctions Related to Possession, Transport and
 Use of Counterfeit Money
		C. Control Over the Issuance of Money and Security
 Features
	IV. Summary and Reflection
	Reference
4 Fraud in Paper-Based Negotiable Instruments
	I. Introduction
	II. Types of Fraud Related to Negotiable Instruments
		A. Forgery or Alteration of Negotiable Instruments
		B. Imposters: Unauthorised Issuance or Transfer of Negotiable
 Instruments
			1. Unauthorised Issuance of a Cheque
			2. Unauthorised Use of Personal Stamps
			3. Fake Signature of Issuer
			4. Fake Signature for Endorsement
		C. Using Fake Negotiable Instruments
		D. Issuance of Cheques With Insufficient Funds in a Bank
 Account
			1. Issuing a Blank Cheque With No Intention to Meet
 Payment
			2. Making a Payment With a Genuine Cheque but With
 Low Credibility
		G. Summary
	III. Legal Institutions Against Fraud Related to Negotiable
 Instruments
		A. Criminal Sanctions for Forgery or Alteration of Negotiable Instruments
			1. Forgery
			2. Making or Possessing Tools or Materials to Forge or
 Alter a Negotiable Instrument
			3. Criminal Sanctions for Using or Possessing Forged
 Negotiable Instrument Documents
			4. Summary
		B. General Fraudulence: Penalties for Issuance of a Negotiable Instrument With Insufficient Funds
		C. Control Through the Banking and Clearing System
			1. Customer or Chequing Account Agreement
			2. Automated Clearing of Cheques
			3. Security Features on Cheques
		D. Civil Laws Regarding Negotiable Instruments
			1. Signature by the Issuer
			2. Crossing Out or Parallel Lines
	IV. Summary and Reflection
	Reference
5 The Evolution of Fraud Related to Card-Based Payment
	I. Introduction
	II. Types of Fraud Involving Cards
		A. Counterfeit Cards
			1. Cloning a Credit or Debit Card
			2. Forgery or Alteration of Stored-Value Cards
			3. Acquiring Counterfeit Cards and Forging
 Signatures
		B. Using a Counterfeit Credit Card
		C. Unauthorised Use of Cards
			1. Unauthorised Use of a Person’s Credit Card With
 Correct Information
			2. Unauthorised Use of Another Person’s Card With a
 Forged Signature
			3. Unauthorised Use of Another Person’s Stored-Value
 Card
		D. Acquiring a Credit Card With False Information
		E. Fraud in Relation to Card Systems
		F. Summary
	III. Legal Institutions Countering Card Fraud
		A. Criminal Sanctions on Payment Card Fraud
			1. Criminal Penalty for Forgery of Cards
			2. Criminal Sanctions for Using Forged or Altered
 Cards
			3. Criminal Sanction on the Illegal Acquisition of Card
 Information
		B. Anti-Fraud Mechanisms Adopted by Card Issuers
			1. Security Measures by Card Associations
			2. Banking Regulation on Credit Card Fraud
 Control
			3. Self-Regulatory Rules on Banks’ Conduct
			4. Regulation for Stored-Value Cards
		C. Responsibility of Cardholders
			1. General
			2. Terms and Conditions for Credit or Debit Cards
			3. Terms and Conditions for Stored-Value Cards
	IV. Summary and Reflection
	Reference
6 From Physical to Digital: Fraud Related to Inter-Bank
 Transfer and Electronic Payment
	I. Introduction
	II. Types of Fraud Related to Electronic Payment
		A. Imposters: Unauthorised Inter-Bank Transfer
			1. Unauthorised Bank Transfer in a Bank Branch
			2. False Payment Instruction Made Remotely
		B. Imposters: Unauthorised Remote Payment With Payment
 Cards or e-Wallets
			1. Unauthorised Transfer by Bank Card
			2. Unauthorised Use of Credit Cards Electronically
			3. Unauthorised Access to e-Wallets
			4. Unauthorised Transfer by Misusing Computer
 Records
		C. Insufficient Fund
		D. Fraud by Unauthorised Payee
		E. Fraud for Informal Money Transfer
		F. Summary
	III. Legal Institutions Countering Payment Fraud Involving
 Electronic Transfer
		A. Criminal Sanction Against Abuse of Electronic Payment
 System
		B. Regulation of Banks, Payment Services Providers and
 Payment Systems
			1. Banking Regulation on Wire Transfer Regarding
 Fraud
			2. Regulations Specifically for Non-Bank PSPs
		C. Contractual Approach to Control Fraud
			1. Regulating End Users’ Conduct
			2. Regulating Merchants’ and Payment Services Providers’
 Conduct
			3. Contractual Arrangements for Losses due to Fraud
			4. Liability Rule and Fraud
	IV. Summary and Reflection
	Reference
7 The Future: Payment Fraud in Digital Payment Tokens
	I. Introduction
	II. Crypto Payment Fraud
		A. Counterfeit Digital Payment Tokens
		B. Unauthorised Transactions
		C. Fraud by Unauthorised Payee
		D. Insufficient Funds?
		E. Summary
	III. Legal Institutions: Evolution for Digital Payment
 Tokens
		A. Potential Criminal Sanctions Against Fraud Regarding
 Digital Payment Tokens
			1. Misuse of Computers
			2. Forgery and Counterfeit: Recharacterisation of Digital
 Payment Tokens
		B. Regulation of Payment Service Providers for Digital
 Payment Tokens
			1. Self-Regulation or On-Chain Governance
			2. Regulation of Crypto-Wallet Providers
		C. Contractual Arrangements and Fraud
	IV. Summary and Reflection
	Reference
8 Reflection and Conclusion: A Shifting Trend of Anti- Fraud Legal Institutions
	Recap of Previous Chapters
	I. Reflection I: Trends in the Interactions of Technology With
 Payment Services and Fraud
	II. Reflection II: The Evolution of Legal Institutions Against
 Payment Fraud
		A. From Sanction to Monitoring
		B. From Forgery to Computer and Data Misuse
		C. Actors of Institutional Change
Epilogue
Index