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Threats of Electronic Money Transfer. Basic knowledge. - Research Paper Example
Author : jherman
Finance & Accounting
Pages 11 (2761 words)
Name Professor Name Subject Date Threats of Electronic Money Transfer Introduction The emergence of Internet has changed the financial world to its every aspect of commercial activity. From the sale to purchase, marketing to finance, every aspect of commercial activity is being carried out using the facility of the Internet…
The use of the Internet definitely facilitates electronic communication between and among customers, suppliers and financial service providers. And at the same time, the Internet brings new avenues of channels of distribution, creating novel business models that do not allow the traditional means to be of any relevance in future (Walters, 2008). And, at the same time, the Internet is sufficiently effective means of communication in overcoming the challenges of great distances and time zones of different parts of the world (Darley, 2001). The implementation of the Internet in the business world presents a significant change in the global competition; besides it is becoming a highly critical factor helping companies to succeed (Sultan and Rohm, 2004). Additionally, the linked instruments facilitating the entire operations of the traditional payment system have brought a new set of consequences for both consumers and financial institutions. on the one hand, these technological changes have greatly introduced efficiency in the globally operating different financial markets. On the other hand, the illicit use of the Internet is being used to transfer funds for illicit purposes. As a result, this critical factor- the Internet- is not a problem proof device. Despite it has changed the entire scenario of the commercial world, the illegal use of the Internet cannot be wished away. ...