Fraudulent Use of Electronic Payment Instruments on the Internet

In the near future the European Commission will enact a proposal for a directive for a new legal framework for payments in the internal market. This proposal will contain interesting rules allocating liability in case an electronic payment instrument is used fraudulently on the Internet. The aim of this paper is to find out whether the proposed regime is the most appropriate to deal with problems of fraudulent use of electronic payment instruments. Before discussing and evaluating the rules proposed, we have a closer look at the existing rules in Europe and the United States