As the internet continues to transform business opportunities one major cause of concern is the method of payment for goods and services on this platform. We live in a world today in which everything happens at a jets speed. It is not news that electronic finance aims at changing the face of the financial industry by encouraging online banking, brokerages, etc leveraging on the internet (Internet (contraction of interconnected network) is the global system of interconnected computer networks that use the Internet protocol suite (TCP/IP) to link devices worldwide. It is a network of networks that consists of private, public, academic, business, and government networks of local to global scope, linked by a broad array of electronic, wireless, and optical networking technologies. The Internet carries a vast range of information resources and services, such as the inter-linked hypertext documents and applications of the World Wide Web (WWW), electronic mail, telephony, and file sharing. The origins of the Internet date back to research commissioned by the federal government of the United States in the 1960s to build robust, fault-tolerant communication with computer networks. The primary precursor network, the ARPANET, initially served as a backbone for interconnection of regional academic and military networks in the 1980s. The funding of the National Science Foundation Network as a new backbone in the 1980s, as well as private funding for other commercial extensions, led to worldwide participation in the development of new networking technologies, and the merger of many networks. The linking of commercial networks and enterprises by the early 1990s marked the beginning of the transition to the modern Internet, and generated a sustained exponential growth as generations of institutional, personal, and mobile computers were connected to the network. Although the Internet was widely used by academia since the 1980s, commercialization incorporated its services and technologies into virtually every aspect of modern life. Most traditional communications media, including telephony, radio, television, paper mail and newspapers are reshaped, redefined, or even bypassed by the Internet, giving birth to new services such as email, Internet telephony, Internet television, online music, digital newspapers, and video streaming websites. Newspaper, book, and other print publishing are adapting to website technology, or are reshaped into blogging, web feeds and online news aggregators. The Internet has enabled and accelerated new forms of personal interactions through instant messaging, Internet forums, and social networking. Online shopping has grown exponentially both for major retailers and small businesses and entrepreneurs, as it enables firms to extend their “brick and mortar” presence to serve a larger market or even sell goods and services entirely online. Business-to-business and financial services on the Internet affect supply chains across entire industries. The Internet has no centralized governance in either technological implementation or policies for access and usage; each constituent network sets its own policies. Only the overreaching definitions of the two principal name spaces in the Internet, the Internet Protocol address (IP address) space and the Domain Name System (DNS), are directed by a maintainer organization, the Internet Corporation for Assigned Names and Numbers (ICANN). The technical underpinning and standardization of the core protocols is an activity of the Internet Engineering Task Force (IETF), a non-profit organization of loosely affiliated international participants that anyone may associate with by contributing technical expertise. In November 2006, the Internet was included on USA Today’s list of New Seven Wonders)’s accessibility across the globe this phenomenon has been very advantageous in terms of In business and in our personal lives we need to keep up with this speed of data processing so we are exposed to various channels and devices. The internet remains one of the most substantial means of optimizing business transactions thus rendering physical boundaries like distance very negligible.
2.Increased quality of service and
3.Greater access to financial services.
But then we as individual users should not always wait or expect the financial institutions and the Government to do all the work so the following a basic steps that we as individuals can take to put some level of security on the use of an Electronic Funds Transfer System. In as much as the opportunities for growth and business (is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is “any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors.”Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner’s personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner) awareness via the internet are limitless this also poses a threat to the financial institutions and to the individual customers. But as bullion vans are rapidly being replaced by Electronic Funds Transfer Systems (EFTs) a more sophisticated means of securing money has to be put in place. These same bandits are still on the prowl and this time (is the indefinite continued progress of existence and events that occur in apparently irreversible succession from the past through the present to the future. Time is a component quantity of various measurements used to sequence events, to compare the duration of events or the intervals between them, and to quantify rates of change of quantities in material reality or in the conscious experience. Time is often referred to as a fourth dimension, along with three spatial dimensions.Time has long been an important subject of study in religion, philosophy, and science, but defining it in a manner applicable to all fields without circularity has consistently eluded scholars. Nevertheless, diverse fields such as business, industry, sports, the sciences, and the performing arts all incorporate some notion of time into their respective measuring systems.Time in physics is unambiguously operationally defined as “what a clock reads”. See Units of Time. Time is one of the seven fundamental physical quantities in both the International System of Units and International System of Quantities. Time is used to define other quantities – such as velocity – so defining time in terms of such quantities would result in circularity of definition. An operational definition of time, wherein one says that observing a certain number of repetitions of one or another standard cyclical event (such as the passage of a free-swinging pendulum) constitutes one standard unit such as the second, is highly useful in the conduct of both advanced experiments and everyday affairs of life. The operational definition leaves aside the question whether there is something called time, apart from the counting activity just mentioned, that flows and that can be measured. Investigations of a single continuum called spacetime bring questions about space into questions about time, questions that have their roots in the works of early students of natural philosophy. Temporal measurement has occupied scientists and technologists, and was a prime motivation in navigation and astronomy. Periodic events and periodic motion have long served as standards for units of time. Examples include the apparent motion of the sun across the sky, the phases of the moon, the swing of a pendulum, and the beat of a heart. Currently, the international unit of time, the second, is defined by measuring the electronic transition frequency of caesium atoms (see below). Time is also of significant social importance, having economic value (“time is money”) as well as personal value, due to an awareness of the limited time in each day and in human life spans) having sufficient technology at their disposal to carry out their illicit acts. Only that they were limited to the technology available in their time. In my own words the EFT is more like an amplifier, because all along there has always been the existence of bandits and bank robbers. Before the advent of the internet, the most secure way of keeping money in the bank was by using a high tech vault and securing the place with efficient security officials and burglary systems and if money is to move a bullion van is used to convey it from one location to the other in the company of heavily armed security (is freedom from, or resilience against, potential harm (or other unwanted coercive change) from external forces. Beneficiaries (technically referents) of security may be persons and social groups, objects and institutions, ecosystems, and any other entity or phenomenon vulnerable to unwanted change by its environment. Security mostly refers to protection from hostile forces, but it has a wide range of other senses: for example, as the absence of harm (e.g. freedom from want); as the presence of an essential good (e.g. food security); as resilience against potential damage or harm (e.g. secure foundations); as secrecy (e.g. a secure telephone line); as containment (e.g. a secure room or cell); and as a state of mind (e.g. emotional security). The term is also used to refer to acts and systems whose purpose may be to provide security: (e.g. security forces; security guard; cyber security systems; security cameras; remote guarding)) officials. In Nigeria today for example the Government recently set a standard for electronic payments mandating the use of only PIN and CHIP cards because of their tested security features and their validity.
Understand the necessity of Encryption Standards: Although this may be somewhat technical for regular users of EFTs but it can easily be done by verifying the use of Digital Certificates of any institution that provides the platform for an EFT. This is usually displayed on the website of the company and you may go a step further by confirming the existence of an independent body that signs off that site as secure examples of such independent bodies include Verisign.
It is also important as an individual (individual is that which exists as a distinct entity. Individuality (or selfhood) is the state or quality of being an individual; particularly of being a person separate from other people and possessing their own needs or goals, rights and responsibilities. The exact definition of an individual is important in the fields of biology, law, and philosophy. From the 15th century and earlier (and also today within the fields of statistics and metaphysics) individual meant “indivisible”, typically describing any numerically singular thing, but sometimes meaning “a person”. From the 17th century on, individual indicates separateness, as in individualism.Although individuality and individualism are commonly considered to mature with age/time and experience/wealth, a sane adult human being is usually considered by the state as an “individual person” in law, even if the person denies individual culpability (“I followed instructions”). An individual person is accountable for their actions/decisions/instructions, subject to prosecution in both national and international law, from the time that they have reached age of majority, often though not always more or less coinciding with the granting of voting rights, tax and military duties/ individual right to bear arms (protected only under certain constitutions). In line with hierarchy, ultimate individual human reward for success and responsibility for failure is nonetheless found at the top of human society) to receive alerts whenever transactions are made this helps to track the time and location of any illegal transaction on your account. Importance of Acknowledgments or notifications: Although many financial institutions (are “stable, valued, recurring patterns of behavior” , or mechanisms of social order, which govern the behaviour of a set of individuals within a given community. Institutions are identified with a social purpose, transcending individuals and intentions by mediating the rules that govern living behavior.The term “institution” commonly applies to both informal institutions such as customs, or behavior patterns important to a society, and to particular formal institutions created by entities such as the government and public services. Primary or meta-institutions are institutions such as the family that are broad enough to encompass other institutions. Institutions are a principal object of study in social sciences such as political science, anthropology, economics, and sociology (the latter described by Émile Durkheim as the “science of institutions, their genesis and their functioning”). Institutions are also a central concern for law, the formal mechanism for political rule-making and enforcement) use this concept to promote non-repudiation (a process where the individual cannot deny making a transaction).
The use of time stamps: This is also mainly used by the institutions to prevent replay of transactions as multiple transactions with similar time stamps would be disregarded except the original. This would also be handy for an individual especially when (may refer to: Usually a question whose answer refers to time, period or phase. When?, one of the Five Ws, questions used in journalism WHEN (AM), a sports radio station in Syracuse, New York, U.S. WHEN, the former call letters of TV station WTVH in Syracuse) a huge volume of transaction is posted wrongly such transaction (or transactional may refer to) history can be traced and reversed accordingly.
When using retail EFTs such as The Automated Teller machine (ATM) and Point of Sale Systems (POS) it is necessary to understand these concepts.
Never disclose your PIN to anyone not even your institution has the right to ask for it.
4. Avoid writing down your PIN or Password for any reason.
3. Twitter, flickr etc.
5. As much as possible put some restriction to the access granted to your mobile phones, BlackBerrys, PDAs, PCs or Disk drives especially when they contain sensitive information. Beware of Shoulder Surfing when entering your PIN or Passwords.
6. 1. Avoid using birthdays and anniversaries as PINs or Passwords as most of them are easily compromised.
2. Limit the amount of personal information you provide on various online Communities e.g. Facebook.
Little information can give away large assets. The best way to avoid this is to be security conscious and understand whatever technology you are using as an individual or as an enterprise.