Privacy and Automated Banking
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This paper describes the privacy issues inherent in online banking, as well as practices in live banking. The paper describes the problems of online privacy and explains how certain practices, such as fingerprinting, have cut both bank fraud and more serious crimes. The author contends that because there are inherent risks to customer privacy, it is essential that there be a single standard for bank security and reporting to federal agencies.
From the Paper:"So indeed, why should bankers be turned into federal snoops? The proposal is supposed to attack money-laundering techniques employed by drug traffickers and other criminals who hide illegal profits. Such methods include wire transfers, bank drafts and "smurfing," the practice of cutting transactions into lesser amounts that don't have to be reported as suspicious under the $10,000 bank-reporting laws established under President Reagan. (Maier, 1999)"
Cite this Narrative Essay:
Privacy and Automated Banking (2006, September 14) Retrieved June 17, 2021, from https://www.academon.com/narrative-essay/privacy-and-automated-banking-68842/
"Privacy and Automated Banking" 14 September 2006. Web. 17 June. 2021. <https://www.academon.com/narrative-essay/privacy-and-automated-banking-68842/>