Author(s)

A. M. Young

Abstract

There is evidence to suggest that cashless mediums of exchange are becoming more prolific. Following on from the physical use of credit and debit cards, bills can now be simply paid by phone or via the internet by the average consumer. This paper explores the privacy issues that arise as a result of the burgeoning electronic payment system over the internet. When trading using cashless mediums of exchange, record keeping functionally replaces cash. These ubiquitous records imperil privacy. A privacy issue arises with the collection of private information, despite whether it is used or not. Authorised use by authorised parties does not necessarily mean that privacy is protected. Non authorised uses by either authorised or non authorised parties are direct threats to privacy. Protection methods such as encryption software are compromised by market forces which drive the sale of the software, making protection a moving technical target. Legislators in America have allowed this situation by making the sales legal. Legislation changes so far are not seen to be sufficient to protect privacy related to cashless mediums of exchange on the internet. Keywords: privacy, internet, legislation, encryption. 1 Introduction Following on from the physical use of credit and debit cards, bills can now be simply paid by phone or via the internet by the average consumer. The internet allows connected computers with protocols that allow interface with different operating software and different applications. \“Although a system of networked computers is not new, the recent growth in the significance and use of internet banking has been astounding” according to Bollen [1].

Keywords

privacy, internet, legislation, encryption.