Disadvantages of Electronic Funds Transfer?

Answer

The process of electronic funds transfer has its disadvantages. One of the major disadvantages is the risk of security issues. Electronic banking's largest adversary is the hackers who try to steal the customer's information and money. When the account has been compromised, money can be stolen. Hackers can also use the information obtained to steal one's identity. This could mean a lot of trouble for the customer that can take years to fix. Once credit accounts are opened in his or her name it can be many years before the debts are taken care of and removed off of their credit report.
Q&A Related to "Disadvantages of Electronic Funds Transfer?"
it is sometime not safe . you can be robbed during online transfer . you can prevent these incidents by using your general intelligence like validity of site term and uses policy
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Most financial institutions provide online banking services to their clients. If you do not have an online account, ask your bank to set one up for you. One of the menu options in
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An electronic funds transfer, also known as EFT, is the transfer of funds from your credit card, checking, or savings account to your monthly bill. Insurance companies love electronic
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Federal law enacted in 1978 providing the legal framework for Electronic Funds Transfer into, or out of, a consumer's bank account. These payments are not regulated by the Uniform
http://www.answers.com/topic/electronic-fund-trans...
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