Digital Signature and Electronic Authentication Law Article Review

Pages: 2 (608 words)  ·  Bibliography Sources: ≈ 5  ·  File: .docx  ·  Level: Master's  ·  Topic: Economics

¶ … Digital Signature and Electronic Authentication Law (SEAL) of 1998

The intention of the Digital Signature And Electronic Authentication Law (SEAL) of 1998, introduced to the United States Senate, as S.1594, and followed closely by H.R. 3472, was to update the Bank Protection Act of 1968 in connection with electronic authentication techniques that were used by financial institutions or for any other purposes. The Bill was presented by an individual named Mr. Cook to the Committee on Banking and Financial Services. The purpose of the Bill was permit and to regulate electronic banking as used by banks and other financial institutions. To that, the bill suggested that electronic authentication techniques be structured by Board of Governors of the Federal Reserve System in concert with the other Federal and State banking regulators so that consumer protection in regards to electronic banking be ascertained and so that electronic banking may become a viable option.

The purposes were three-fold:

1. To permit financial institutions to productively employ electronic banking as instrument for their benefit

2. To ensure that the interests of consumers engaged in online banking will be protected, and

3. To ascertain that all banks and financial organizations shred the same rules and codifications of online banking so that conflict as a result of divided and different rules would not develop (The Lib. Of Congress)

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The following excerpts explain what the Bill meant by conceptualization of 'document', 'electronic authentication techniques', and when electronic authentication may be used.

f) DOCUMENT- The term 'document' means any message, instrument, information, data, image, text, program, software, database, or the similar item, regardless of how created, if such item can be retrieved or displayed in a tangible form. (SEAL, Section 3f)

'Electronic authentication techniques' the substance of the Act refers to:

TOPIC: Article Review on Digital Signature and Electronic Authentication Law Assignment

g) ELECTRONIC AUTHENTICATION- The term 'electronic authentication' means a… [END OF PREVIEW] . . . READ MORE

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"Digital Signature and Electronic Authentication Law."  Essaytown.com.  October 16, 2011.  Accessed December 1, 2021.
https://www.essaytown.com/subjects/paper/digital-signature-electronic-authentication/5887287.