Internet banking is increasing very fast in the world. It can give benefits to the online marketers, workers, payers and payees but it is risky too. In the meantime, cases of ATM frauds, online banking frauds, credit card frauds, etc. Are increasing rapidly in the field of world banking. Many people are alarmed but some of them are just taking advantage of the risk that internet banking bring. Some also are confident to use internet banking because they know how to avoid scams and frauds but those who are not, its very pity to them. That’s why there are bureaus and federals who are the one to check the bank stability and issued licenses for the internet banking companies.
World banking concerning about the electronic banking law applies to the users of electronic transactions involving debit/credit cards, checks, payer and payee who use online banking, interbank transaction and other electronic bank processes. Internet banking is known also as electronic fund transfer that often performed by individuals, that is why we need to make sure that this kind of transaction is protected against forgery and misuse. The electronic fund transfer act is governed legislative act. Bureaus and federal’s regulations provide guidelines related to the electronic fund transaction or internet banking transaction liabilities.
There are some of the federal board’s regulations that implemented in world banking. A valid electronic transfer can be posted to a client only on request. Cards that are sought may be issued only if one is unable to use the electronic card until the validity date. The internet banking companies should inform their customers and provide the rights and duties under of course to the electronic banking law in the world. The world banking law also desires to inform the electronic banking costumers should be aware regarding to the methods of monthly statements in the event of any error. The users of internet bank should be provided with a written receipt which provide the details of transaction’s date, amount and type, while making transactions involving either deposits, withdrawals or payments online.
Monthly or periodic statements should provide confirmation of electric transfers, types, nature, account from where the money is withdrawn or deposited so that they can audit or reconcile their accounts easily. In accordance with it, periodic statements should also give information about the address, phone number required in the event when the client is required to be contracted.
The world banking law also governs certain other factors like the event when the bank account is hacked or fraud. The internet banking companies should govern and sets a time limit within account owner required to inform the card issuing bank. But for me, it is better to tell as soon as possible when your card is lost or your account is hacked.
Tips and comments:
The goal of the world banking law is to provide financial and technical assistance to developing countries around the world. To fight forgeries and fraud with professionalism for lasting good results to help people, help themselves and their environment by providing resources, sharing knowledge, building good relationships between public and private sector.
