Consumers will shun electronic payment systems unless bankers keep transactions secure and confidential, Federal Reserve Board Chairman Alan Greenspan said Friday.

"Security and privacy will be very important if confidence is to be established in these new systems," Mr. Greenspan said at a conference sponsored by Sen. Robert Bennett, R-Utah., in Salt Lake City.

Consumers fear invasions of privacy so much that they prefer to pay bills with cash and checks, even though credit cards and automated clearing house systems are cheaper to use, he said.

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