Sample Thesis Paper
Aside from online shopping online banking has become another popular medium in the internet transaction industry. However much like online shopping there are several risks associated with banking online in today’s market. These risks can be divided into three groups namely service standards liability, acting on unauthorized or altered instructions and erroneous execution of electronic instructions. The first group service standards liability includes which is made to ensure that a level performance is provided by the bank to its customers.
It also ensures that in the event of a system or equipment break down, equipment not being available or undesirable performance on the part of the system that legal responsibility in these cases falls on the bank and not the customer. The second risk that is associated with banking transactions is one where the electronic instructions sent by the customer are changed or altered in such a way that they do not fulfill the customer’s original intent. In this case it is the duty of the banking system to decide beforehand what exactly comprises of a proper and legalized electronic authorization on the part of the customer. It should also decide how to minimize the risks associated with any electronic instructions that may be changed or unauthorized. Finally it should decide who should bear the responsibility for any errors that may occur and also keep current banking regulations in mind. The third and final risk of banking transactions includes improper execution of electronic instructions on the part of the bank. This may be intentional or simply due to human error (Clayton Utz, 2008).