Abstract
Electronic funds transfers facilitates the purchasing of items online. This then curtails the burden of having to travel to a physical store, choose an item to buy and pay for it. Thus, these transfers allow us to purchase prepaid airtime and electricity online by using mobile banking applications or internet banking services. Further, electronic funds transfers allow us to send and receive money from the comfort of our homes. Indeed, electronic funds transfers may be construed as the benefit in the digital age where there are information overflows. Nonetheless, electronic funds transfers also generate innumerable setbacks. The most obvious is the prevalence of unauthorised use or access to data, data alteration or integrity and fraud. In light of the above, it is important to utilise the benefits offered by electronic funds transfers whilst still managing the risks attached to electronic funds transfers. The case of Galactic Auto (Pty) Ltd v Venter touches on almost all these risks. Therefore, this research examines the regulation of electronic funds transfers in South Africa. It is limited only to the idea to preserve the sanctity of these transactions. Furthermore, the research studies the risks posed to electronic funds transfers and the applicable measures to combat or minimise these risks. In doing so, a comparative study of the regulations relating to electronic funds transfers in Australia and South Africa is made. Specifically, it is argued that South Africa should adopt a procedure similar to Australia. Specifically, Australia deals with electronic funds transfers separately in the ePayment Code. This is meant to prevent the increase in the use of electronic payments by responding to the need to cater for all aspects of electronic payments...
LL.M. (Banking Law)