Mark Elliott Budnitz of Georgia State has written Mobile Financial Services: The Need for a
Comprehensive Consumer Protection Law, 27 Banking & Finance Law Review (2012). Here's the abstract:
The article first describes mobile financial services for consumers and the types of companies participating in the provision of those services. Anticipated consumer problems are explored, including: security, privacy, unauthorized transfers, error resolution, viruses, system breakdown, consumer mistake, and the need for documentation and a history of transactions. Public policy and government
regulatory issues are examined. Applicable U.S. state and federal laws are reviewed; their gaps and inadequacies are identified. The article concludes with a description of a proposed Model Law that provides satisfactory consumer protection.
This is a great service, which I think will bring a lot of change to the industry. I have heard nothing but scams about this industry, which includes the whole “Dinar Corp Fraud” incident. It was actually a lie and a scam that never took place. I have noticed the popularity decrease, but wanted to let everyone know that this was a rumor created by a direct competitor of the company.