Consumer Privacy Right Protection Under The Background Of Internet Finance

With the wide spread and innovation of computer and science technology, the finance internet becomes booming, varies products and services have been provided including P2 P, equity-based crow-funding and third-party payment platform. Meanwhile, traditional finance also seek for chance to combine their products and services with new internet technology, so lots of new services have been made base on the internet platform, and with the combination of real time transmission and personal identification, etc. Under this background, more and more financial products and services have shown up on the internet, and online consumption also became a popular way in each people’s daily life. All of these products and services not only break down the barrier due to time and space limit, which did make every one’s life getting more easier and convenient, but also provide varies options for them to choose and enjoy, almost every area in our life have benefitted from these new technologies and new services. But we usually tend to ignore the bad effects and potential risks that came along with those new products and services. The more we benefit from these new technologies, without relevant regulation and system support, the more risks we may suffer. The fast transmission on the internet when enjoy services could also lead to fast increase in risks. Compared with traditional trot actions, now the results of trot have shown wider in range and more severe in damage degree. Although the situation 2is grim, we even don’t have a separate and special protection system for privacy right, the lack of regulations, especially those regulations can be directly used to protect consumer’s rights and interest, is always ‘a lion in the way’. On the other side, the law cannot be enforced when everyone is an offender, which also makes those tortfeasors free to do what they like. After the booming development of internet technology, we have encountered too many events regarding privacy right infringement, and these entire events shall be a timely alarm for us to review our system regarding privacy right protection.This article focus on consumers’ privacy rights protection, and based on the background of internet finance, it will use the comparison measures to analysis the issues. The article starts with the basic introduction of privacy and privacy right, then analysis the experiences from USA and EU, and finally focuses on our own practice, aimed at providing feasible suggestions to establish our consumers’ privacy right protection system.The article mainly contains 5 part exclude the introduction and conclusion,The first part talks about the basic theory regarding the privacy right, and it serves as the foundation of the whole article. It starts with the elementary theory of privacy and privacy right, and then focus on the development of this concept, especially how and when privacy right became one of the basic rights of human, and then states that the definition and coverage of privacy right shall be adjusted along with the social development and reform. At the end of this part, I also refer to the relationship between privacy right and consumers, such as whether privacy right should be one of the basic rights of consumers.The second part mainly explains the great challenge and impact that internet finance brought to consumers’ privacy right protection. It discusses the specificity of privacy right under the background of internet finance based on the traditional theory which has been introduced in the first part of this article, which contains 3 aspects as trot subjects, trot objects and trot actions. Besides, we also explain the differences and similarities between personal information and privacy, and then states that this article mainly talks about the information privacy due to the development of privacy right, such as the digitalize and informationize of privacy rights other than information privacy itself.The third part first show the specific performance of privacy infringement during information collection process, and then introduce the regulation system status about information privacy collection, which has exposed quantities of issues under this protection system currently. Then it refers to the legislation and practice in America and European Union, although they have totally different protection mode about privacy right, but they are still good examples for us to make our own system construction.The fourth part have similar structure with the third part, but the difference lies in the research area, for I mainly focus on the information privacy store and use process, and it also starts with the current system introduction and then move to the experiences from America and European Union.Last but not least, here comes the protection system construction of China under current internet finance background. It discusses the main issues from information privacy collection, store and use process base on former introduction, and then provide the suggestions from difference aspects to establish our better consumers’ privacy right protection system, such as perfect legislation, self-regulatory system, online privacy seal program and clarification about relieve approaches.