Essays on Credit And Debit

Data breach is the act of viewing or acquiring ones secure data or confidential information without the authorization of the authorized user and releasing it to an untrusted environment. This is mostly done by hackers who get this type of information and sell it to willing buyers. The kind of information that suffers this kind of menace is financial and personal information on credit and debit cards. When applying to get a credit or debit card, one has to offer their personal data and their account details so that the companies involved can keep track of the transactions. In ...

Introduction

Debit and credit cards are used by customers for post paid and pre-paid transactions respectively. They promote cashless society since individuals do not carry their money with them while going to shop. The holder of the cards can use them to either debit or credit their bank accounts at any transaction terminal where the holder will have to produce the card for reading confirmation through the assistance of the system of computer before the actual transaction can be completed. The debit card for instance is a payment method which can be accepted at the terminal of transaction using PIN or ...

This research paper reviews the concept of internet banking as a major constituent of modern day banking. The internet and integrated information systems based on vast computer networks have been adopted by businesses. Today, such vast networks make up the core of operations for most businesses. This research paper illustrates how internet banking has grown to become a major component in modern banking. The paper will further explain the advantages of internet banking to both the financial institution and the customer. Either, the research paper will review risks associated with internet banking as well as a case that subjected internet banking customers ...

Introduction

Bank of America is one of the best managed institutions in the world that provides a variety of financial services to the customers. It deals with different types of customers such as corporations, the government, and individuals, small, middle and large sized businesses. The bank serves over 40 countries which show that it is a well established institution in the international market. Some of the services it provides include accounts deposits, financial advice, credit and debit card services, checking accounts and lending facilities in sectors such as real estate investment. The bank provides these services with the application of modern technology ...

I live in Richmond, BC, Canada, where the housing market over the last 10 years has gone from $300,000 to $1.2 million per house. The problem with that is that wages have not increased over that time to accommodate increased living expenses to deal with this issue. As a result, we end up spending more and more in order to maintain the same quality of life that we had before. This phenomenon has spread throughout Canada, as more and more individuals are sinking into deep debt, with little to no way out. I choose to dispute the warning labels ...

Introduction

Companies usually use different special journals (Wallace, 1999) to ensure a stable and undisturbed inventory of finances and preferably all consumable resources. Some examples of these special accounting journals are sales journals, purchases journals; cash receipts journals, and cash payments journals. This paper will focus on the uses, advantages, and disadvantages of cash receipts and cash payments journal. Should the Company Use a Cash Receipts Journal, considering that some 30 – 50 cheques are received by mail every week? If so, what special columns would you use?

A cash receipts journal can be an extremely effective and efficient way for someone ...

Introduction

The internet and computer networks have drastically changed the way businesses operate. In the current business environment, integrated information system based on internet and other forms of networks make up the core of the business. E-commerce is the new kind of business technology that uses electronic transfer of money between a buyer and seller. Such transfers are done on electronic codes on credit and debit cards. This kind of transaction is now practiced in almost every sector of the economy. However, for proper working of such system, secure systems need to be developed so that card information is confidential. ...

Contactless payments such as the use of near field communication (NFL) have been developing over the last few years and have evolved into reliable and secure methods of payment which are gaining acceptance from both buyers and vendors. The contactless mode of payment uses a short range frequency identification chip (RFID) to transfer data embedded electronically in microchips attached to a mobile device such as a mobile phone or a personal digital assistant or a credit or a debit card. The major difference with the contact based mode of payment is that in the case of contactless payment, the user of the technology does not ...