Risk management — a key to security in the electronic funds transfer system

Abstract

The problems associated with security in the electronic funds transfer systems (EFTS) have been the subject of much research and concern in the business community. Consumers are especially wary of the possibilities of loss through EFTS transactions. Before widespread acceptance of the EPTS by consumers can occur, consumer anxiety about EFTS must be reduced. This article suggests a new approach to providing security in the EFTS based on the risk management process which provides techniques for the identification, evaluation, and handling of exposures to risk in the business enterprise. The risk management process can be very effective when applied to the problems associated with EFTS.