Law Commons^™

Private Ordering In Light Of The Law: Achieving Consumer Protection Through Payment Card Security Measures, Edward A. Morse

Edward A. Morse

A private ordering regime has developed within the payment card industry to define appropriate security practices and to monitor compliance by network participants. Market demands for trustworthy systems upon which consumers and merchants could rely provide incentives for security, which are supplemented by privately-designed fines and sanctions imposed through contract by the card brands. Although private ordering has functioned sufficiently well to make payment cards a trusted payment method, the system is not completely secure, as data security breaches have continued to occur. This is not surprising, as complete security is not a feasible goal. Nevertheless, some have questioned whether …