Threats Of Electronic Money Transfer - Research Paper Example

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Threats Of Electronic Money Transfer

To attain their objectives, terrorist require financial resources and easy fund transfer transactions to carry out their acts of terror. In this regard, the terrorist has found the Internet the most convenient way for the purpose of communication and coordination with their partners locating in other parts of the world; additionally, they send and receive their funds via using electronic means. This challenge can be minimized to a considerable extent but it can never be wished away totally. In this regard, the role of Central Banks is of critical importance. In the subsequent part of this paper, first, electronic money transfer is defined and is followed by a threat of misuse of this channel by terrorist and international criminal groups. Before conclusion, some suggestions are accounted for to minimize this illegal use of the Internet.An electronic payment system involves the services of many elements. A payment system is identified as the interactions between various subjects and is made of numerous elements. Among these various elements, system participants, the infrastructure of the system, and the instruments facilitating the transfer of monetary value between different users are the significant elements.Traditionally, we had two parties facilitating fund transfer from one place to another- sender and receiver. Most of the time, funds were transferred with the use of non-electronic means. Paper-based money transfer transactions were common from one financial to another financial institution. ...Show more

Summary

The emergence of Internet has changed the financial world and its every aspect of the commercial activity very much. The writer of the paper "Threats Of Electronic Money Transfer" detailed discusses the illegal use of the Internet in doing electronic payment…
Author : jherman
Threats Of Electronic Money Transfer essay example
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