Abstract
Social Lending is one of the latest trends in Social Networking, offering a communication and financial channel between individual borrowers and lenders. The various Social Lending transaction schemes could be subject to multiple security threats, in both financial and technical terms, which could affect the integrity of the service as well as the trust of citizens. This paper provides an overview of the basic characteristics of Social Lending as well as an analysis the potential security issues suggesting some appropriate corrective measures. The ultimate target is to enforce the Social Lending effort with an information security foundation that could become an appreciable alternative to the “traditional” lending system.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Wikipedia, http://en.wikipedia.org/wiki/Peer-to-peer_lending
Prosper Loans Marketplace, http://www.prosper.com/
Financial Lifeline, http://www.filife.com/stories/borrowing-from-p2p-lending
P2P Banking, http://www.wiseclerk.com/group-news/services-p2p-lending-companies-by-loan-volume-jan-09/
Gartner, Inc., http://www.gartner.com/it/page.jsp?id=597907
Financial News Publishing Ltd, http://www.vrlknowledgebank.com/reportinfo.php?id=94&page=3
Zopa Ltd., http://uk.zopa.com/ZopaWeb/
Wired magazine, http://www.wired.com/techbiz/media/news/2005/03/66965
Vator, Inc., http://vator.tv/news/show/2008-11-26-sec-calls-for-prosper-to-shut-down
Dhand, H., Mehn, G., et al.: Internet Based Social Lending. Communications of the IBIMA 2 (2008)
Choudary, V., Gedupudi, R.: Priority bid processor and protocol therefore, US Patent AG06Q4000FI, http://www.faqs.org/patents/app/20090055307
Armendáriz, B., Morduch, J.: The Economics of Microfinance. MIT Press, Cambridge (2005)
University of Maryland, R. H. Smith School of Business, http://www.rhsmith.umd.edu/faculty/cdell/reputation.html
Character Based Lending Project, http://www.chabal.eu/uploads/media/Microfinace_in_Greece_-_Development_of_action_proposal.pdf
Directive 1999/93/EC, http://www.signatur.rtr.at/en/legal/directive.html
Directive 2000/31/EC, http://ec.europa.eu/internal_market/e-commerce/directive_en.htm
European Parliament, Economics Committee, Call for EU legislation to encourage microcredit schemes, http://www.europarl.europa.eu/pdfs/news/expert/infopress/20090119IPR46575/20090119IPR46575_en.pdf
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2010 ICST Institute for Computer Science, Social Informatics and Telecommunications Engineering
About this paper
Cite this paper
Serrelis, E., Alexandris, N. (2010). A New Paradigm for Secure Social Lending. In: Sideridis, A.B., Patrikakis, C.Z. (eds) Next Generation Society. Technological and Legal Issues. e-Democracy 2009. Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, vol 26. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-11631-5_34
Download citation
DOI: https://doi.org/10.1007/978-3-642-11631-5_34
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-11629-2
Online ISBN: 978-3-642-11631-5
eBook Packages: Computer ScienceComputer Science (R0)