Legislative Controls Securing Electronic Payment Systems

Abstract

Generally, money is the backbone of economy, essential for stability of countries, and a token for the national Sovereignty. Historically, coinage was the process by which countries were confirming their Sovereignty that they kept protecting it and used the coins as acceptable method for transactions. In the modern age with the far-reaching technological development, the digital payment has become widely acceptable and commonly used thereby the sort of security required has alo changed. Many countries enacted new laws to enhance security of the electronic payments, particularly with the increased risks of cyber attacks on the national economies in addition to recent pandemic and military tensions witnessed by the world.Therefore, securing the electronic payment is a matter of national economy due to its influence on the Citizenery’s trust in the electronic transactions and the government is responsible to make it secure through the central bank. Considering this perceived importance, the authors addressed in the current study the legal mechanisms to secure the electronic payment systems.