Chapter 14 Article

Ch14 Article
http://news.bbc.co.uk/1/hi/business/7746002.stm

Summary
This article is about the risks of having an online bank account. In the article, it points out that there is a flaw inside HSBC’s online bank account system. With this flaw, fraudsters could use software to capture the keystrokes made on a particular computer to break into the individual account of a HSBC’s customer. It also illustrates the phone scam and bogus account scam. However, the banks are struggling with those fraudsters with new technologies. For example, the Dutch bank ABN establishes the biometric voice verification system in phone banking. This can verify the identity of the customer.
Connection
In this chapter, it mentions about bank accounts in section 1. I think what the book is missing is the online bank account. It is a service that can provide online money transaction. Business can transfer money without writing a cheque and check the bank statements. It is basically like a normal bank account, but the main difference is the person is dealing with data instead of money.
This article shows some of the possible risks of having an online bank account and what the bankers are doing with those risks.
Reflection
When more and more businesses are using computers, online banking becomes more popular. Money transfer can be made without going to the bank. Instead, higher risk is taken in an online banking service. Therefore, a better banker is needed. Also, business should beware of the scams and do everything that can protect the money. Like make sure the website is correct, update the computer’s security system, do not give any information easily and check the record often. In my opinion, the best way to prevent losing money is to use the normal bank account.