Banking Online

Banking Online

Overview of Banking Online in relation to cyber crime: [1]Other concerns have to do with online financial services not being readily available or experiencing technical difficulties that impinge of the ability of consumers tomake fund transfers when desired or needed. Ideally, online transactions require people to sign in to a controlled information system with a specific user name and password that grants access to one or more financial accounts (e.g., savings, checking, credit, debit, loan, stock trading, etc.). Once logged into the system, digital command instructions will pass through various levels of firewalls within the controlledWeb site environment. All financial account information including digital funds transactions are further protected through triple-level encryption as determined by agencies of the U.S. Department of the Treasury and U.S. Department of Commerce, which oversee and help set security and other technology standards for computerized financial exchanges. Ultimately, the perception and actual success of online banking and commerce depends on trust by everyone involved.

Resources

Notes and References

1. By Daniel Cator

See Also

• Types of Cybercrime
• Cybercriminal

Further Reading

Frances, C. (2004, November 7). Cahoot security lapse raises doubts about internet banking. The Sunday Times, p. 3; Kunkel, T.M. (2007, October). Banking on ''cyber liability'' coverage. Best's Review, 108(6), 100; Mullaney, T.J. (2004, June 28). Best buys: The net. Business Week, 3889, 116.