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Financial Privacy in a Cashless Society

Electronic payments are the touchstone of every financial transaction in today’s economy. Cash is becoming extinct. In a totally cashless society, every transaction requires a third-party intermediary. While these third-party services increase the convenience of transacting amongst one another, they decrease the user’s privacy and autonomy. The design of the payments system requires users to essentially trust these third-parties with the keys to their financial accounts and information to carry out transactions on their behalf. In what seems like peer-to-peer transactions are, in reality, a series of coordinated moves among multiple intermediaries gleaning access and information about the user. The current financial privacy laws in the U.S. fail to provide the user with a means of redress in the event that these intermediaries suffer a data breach. Therefore, as users trust these intermediaries with their valuable financial information, these intermediaries should be labeled as information fiduciaries subject to fiduciary laws that work alongside current financial privacy laws to give users a legal right in the event their privacy is breached because one of the payment intermediaries is breached.