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Risks in EFT Systems

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The electronic fund transfer (EFT) system includes ATM's, point-of-sale terminals, direct deposits and withdrawals and payments by phone or computer, using PIN numbers instead of signatures.

Do you feel the conveniences are worth the risks? How does the UCC deal with electronic transfers?

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Solution Summary

This solution discusses whether or not the conveniences of EFT, POS and Direct Deposits are worth the risk and how the UCC deals with EFTs.

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Yes and no. While there are many conveniences which we would no longer be able to live without, there are many risks we are exposed to.

Pros
EFT not only saves the consumer time, but it actually has certain protections in that they no longer need to carry cash. Cash is not replaceable if stolen; however, protections are made regarding your ATM card if lost or stolen. Consumers may also purchase additional insurance to make certain their funds are secured. In addition, EFT's allow for transfers to be done automatically which helps facilitate quicker payroll, bill paying, and emergency funds to be transferred nationwide and in some cases worldwide. The risks are relatively avoidable; however, precautions must be taken by the consumer for security and all industries must take precautions that their security is not breached as well.

Cons

Regulations do not provide enough safeguards for the ...

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