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Passing the digital buck : unresolved social and technical issues in electronic funds transfer systems

Abstract

Over the last decade, plans for using computer-based sytems to automate the transfer of debits and credits have moved from a technologist's pipe dream to an emerging reality. During the last few years, several components of this technology have been developed in prototype form and have begun to be implemented on a large scale. While such systems promise financial benefits for the institutions that exploit them, they also raise significant social, legal, and technical questions that must be resolved if full-scale Electronic Funds Transfer Systems (EFTS) are not to cause more problems for the larger public than they solve. Few of these problems have been systematically articulated. This paper describes the mechanics of EFTS, and the benefits it should provide its promoters. But it emphasizes a variety of the problems that EFTS raises and places them in context.

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