Are there any laws that protect the privacy and security of electronic financial transactions?

In North Carolina, there are several laws in place that protect the privacy and security of electronic financial transactions. The North Carolina Electronic Funds Transfer Act (EFT) sets forth requirements for, and prohibits certain activities regarding, the electronic transfer of funds and electronic financial transactions. The EFT requires that certain disclosures be provided to consumers prior to execution of an electronic fund transfer, and it provides for a limited liability for consumers’ lost funds should banks fail to follow its security and privacy requirements. Additionally, North Carolina’s Identity Theft Protection Act (ITPA) sets forth requirements that must be followed to protect the privacy and security of electronic financial transaction data, including securely storing such data and prohibiting its misuse. Finally, North Carolina has enacted its own version of the federal Gramm-Leach-Bliley Act, which requires banks to provide customers with privacy notice disclosures when opening a new account, and it also requires that customers’ personal information be treated securely. In sum, North Carolina has several laws in place that are designed to protect the privacy and security of electronic financial transactions. These laws provide consumers with certain rights and protections when conducting electronic fund transfers, as well as require businesses to follow specific procedures and guidelines to protect customer data.

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Are there any laws that protect the privacy and security of electronic financial transactions?

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