Sunday, 24 February 2013

Electronic Banking

The most business has been revolutionized by computer technology. Deposits and withdrawals are instantly logged into a customer's account. Computer generated monthly statemented are unlikely to contain any error unless they arise during manual entry of check amounts. The technology or electronic funds transfer supported by computer networking , allows the amount of a grocery bill to be immediately deducted from the customer's bank account and transfer to the grocery store. Similarly, networking allows individuals to obtain cash instantly and almost worldwide by simply stepping up to an Automated Teller Machine (ATM) and provide the proper card an personal Identification Number (PIN) . The disadvantage of this technology is the security problems. Intruder can see packets travelling on network and can perhaps interpret them if not care fully encrypted to obtain confidential information of financial transactions. Network access to personal accounts has the potential to let intruders not only see how munch money an individual  has but also to transfer some of it elsewhere. 

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