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Regarding the latest news which have highlighted on how consumers in the U.S. are soon able to pay for products and services with a wave of their smart phones. However with this convinience, certain risks pose a threat as with the threat of losing money when mistakes are made by the dealers and also there may be con men that would convince a consumer to fall for their phishing site and cheat them of their money. Although the federal law protects the consumers if there is a los of credit card or debit card, but there is a lacking in the current protection to all new types of payments. Credit cards provide protections in case of bank errors, unauthorized use, and disputes with the dealers, but debit cards provide only protections for bank errors and unauthorized use, not for disputes with the dealers. If the Federal Reserve Board fails to act, Consumers Union noted that the new Consumer Financial Protection Bureau created under the recently passed financial reform legislation has the authority to address unfair payment practices.
Reference: http://www.cellular-news.com/story/45012.php
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