Although the internet has made it more convenient to engage in online transactions, there are many downfalls to purchasing items online as well as doing our financial managements in this manner.  Most of all, consumers are challenged by the security of online transactions.  Is our credit card information secure for example?  There are many reported cases of identity fraud where a consumer's credit card information was taken from a website and used for other purchases online.  We know that there are secure websites, but not everyone is able to verify or check every site.

Some of the most important recent laws that have affected the banking industry in the U.S. are often connected to e-commerce.  The U.S.  FTC (Federal Trade Commission) has published brochures to informal consumers on their rights when using electronic payment methods.  These laws often affect how banks must react to unauthorized charges to an account and also what consumers must do when this happens.

A few entrepreneurs have also started a dozen or so Internet-only banks in the U.S., and these financial institutions needs laws to govern them as well.  These banks are aimed at making online banking mainstream, but are subject to all sorts of new legal implications.  

Other issues such as internet gambling and banks are always subject to new and changing laws in the U.S.  Although laws are already established for gambling by state in this country, the internet has changed what laws are subject to these internet transactions.