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Payments & FinTech Lawyer

Volume: 6 Issue: 9
(September 2012)


The European Commission (EC) has ‘unconditionally approved’ a mobile commerce joint venture (JV), between mobile operators Telefónica, Vodafone and Everything Everywhere on 5 September, which will provide the UK with mobile commerce services. “Unconditional approval was not expected - after all, this is a JV between the three largest network operators in the UK, raising concerns as to the creation of a powerful monopoly over an emerging market,” said Nathalie Moreno, Partner at Speechly Bircham. / read more

The US General Purpose Reloadable (GPR) prepaid card industry needs further regulation according to a report by US think-tank the Pew Charitable Trusts (PCT), published on 5 September. / read more

The frequency of malware attacks on mobile devices has risen by a third in the last nine months, according to statistics released by US mobile security firm Lookout on 6 September. / read more


We may be accustomed to the threat of malware on our desktop computers, but malware across mobile devices is a growing concern. A recent report by mobile security company Lookout identified an increased presence of malware across mobile devices and an evolving variety of virus functions, from the theft of confidential information to the placement of the ‘NotCompatible’ virus, which disguises criminal activity on an infected mobile device. “Mobile malware is growing at a huge rate, considering that it has only been active for one and a half or two years,” said Armando Orozco, Senior Threat Research Analyst at Webroot. “Malware writers are taking their tactics, which they have used on desktops, to the mobile [space].” / read more

The European Commission is due to publish the results of its review of the Payment Services Directive (the ‘PSD’) by 1 November 2012. / read more

The Electronic Transactions Association (ETA), an international trade association representing more than 500 companies offering electronic transaction processing products and services, launched its Mobile Payments Committee in August with the intention of developing and implementing industry-wide solutions to the business and policy issues surrounding mobile payments in the US and globally. Jason Oxman, CEO of the ETA, and the man responsible for putting this task force together, discusses the aims of the Mobile Payments Committee and the need for a united approach. / read more

All users of the internet face ever-growing threats from 'malspace' - the cyberspace inhabited by hacker groups, criminal organisations and spies. Michael de Crespigny, CEO of the Information Security Forum, looks at how governments, enterprises and individuals can collaborate to counter the growing cyber threat without losing the benefits integral to internet-based trade, commerce and communication. / read more

Parties that submitted comments to a Federal Communications Commission Public Notice1 on mobile privacy and security issues are deeply divided over whether the agency should pursue further action in the area. / read more

In February Brian Hayes TD, Minister of State for Public Service Reform and the Office of Public Works, announced the launch of a pilot project to introduce electronic invoicing (e-invoicing) across a number of government departments and public sector bodies in Ireland. Kate McKenna and Douglas McMahon of McCann FitzGerald Solicitors, discuss the regulatory and technical background to e-invoicing, efforts to encourage the use of e-invoicing at an EU level, and Ireland’s pilot project. / read more

The British Retail Consortium published its first study of e-crime in the UK on 22 August, detailing the scale and break-down of e-crime and the associated costs to UK retailers as a result of such crimes. Tom Ironside, Director of Business and Regulation at the British Retail Consortium, provides an overview of the study and an insight into what will now become annual statistics. / read more

The evolution of online technologies has opened up new means for fraudsters to steal data that leaves the financial services industry at risk, more so than ever before. Pat Carroll, CEO of ValidSoft, a provider of telecommunications-based authentication and transaction verification solutions, discusses the ever-evolving methods of online fraud and what the financial services industry should learn from breaches. / read more

Over fifteen years ago Thailand set about enacting a new regime of laws to address the digital age. With the rise of mobile phones, computers and communications technologies, Thailand recognised the need to introduce laws that would provide flexibility and support for business growth, tempered by controls and protection for consumers. John Fotiadis, a Legal Consultant at Atherton Co. Ltd., discusses Thailand’s e-finance legislative framework. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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