Improve The Legal System Of China's Credit Card Countermeasures

In June, 2005, a serious event erupted as a result of security loophole, malicious hacker broke into system and credit card account information of 40 million customers was divulged in US. This event affected many other countries and caused public, domestic and foreign, to focus on credit card security problem.As a high-level currency, the credit card is the outcome of social and economic growth to some stage. The credit card originated in 1915 US, it was a business card issued by business organization and used in retail purchase. In 1951, the Franklin National Bank of Franklin Square, New York US, issued the first credit card. Thereafter, credit cards were developed rapidly as the emergency of Mastercard and Visa. Gone through the 90 years up and down process, presently American credit card market is highly developed and its legislation turns mature. Even though China starts credit card late, in the past 20 years since our first credit card bom, the credit card industry boomed and achieved certain big size. It is a carrier, functioning as a substitution form of circulating money, compelling social economic, living conveniently and improving the quality of life; as an important way to earn profit by commercial bank; also as one of means used by government to stimulate consuming expenses and impetus social progresses. Simultaneously, it enormously promotes the development of correlated industries — Finance, Electronic information, Trade and Travel etc.Along with the development of our credit card industry, accompanying by its innovated or updated functions as well as electronized information exchange, criminal activities involved in credit card fraud are rampant, diversified and highly intellectualized. But related legislation and regulation system are not perfect at all — legislation set up late, law and regulation incompletely, Under such legal circumstances, it is disadvantageous to protect the legitimate and interests of all parties in a legal relationship, as well as build up a stable and secure credit card industry. Purposely to keep maintaining the stability and the security of the credit card system, it must strengthen construction on credit card legislation, supervise and manage credit card,...