Abstract:
The last decade has seen a profuse growth in electronic financial transactions obliging banks to globalize and to constantly keep up with the latest technological developments while imperiling greater online exposure. As a result, the world has become an open medium for everything electronic. With the increasing rate of digital crimes, Lebanon was in need of a law addressing issues such as e-payments, e-signatures, e-transactions, and cyber-crimes that are often associated with electronic transaction cases. The purpose of this paper is to determine the factors that burdened the enactment of a cyber-law governing cases associated with electronic financial transactions in Lebanon. The paper provides a definition of electronic financial transactions, electronic commerce, and electronic payment. It presents a brief about electronic threats and security as well as highlighting the most common cybercrimes in the financial sector. It then develops a framework for understanding the reasons behind not having a cyber-law after discussing the Lebanese financial transactions medium. Finally, it outlines issues in three interrelated areas that often need attention for the development of an adequate legal structure. These issues are characterized in political stability, economic stability, and the socio-economic structure.
