Vulnerabilities of EFTs to Intentionally Caused Losses
The hypothesis that consumers
are provided greater accuracy and freedom from error and fraud with
electronic funds transfer systems (EFTs) is discussed in light
of the technical capabilities and potential of the computer to protect
against both accidentally and intentionally caused losses.
Although the nomenclature for business crimes remains the same as for
manual depository and other financial service systems - for example, 
fraud, theft, embezzlement - the characteristics of the crimes
are new. The changes resulting from the accelerating use of EFTs and 
its continual technological advances broaden the scope of security
issues to be examined.  Factors such as backup requirements, 
regulatory and legislative actions, and economics give rise to
the urgency for immediate research into solutions for emerging
EFTs - related vulnerabilities.
CACM December, 1979
Parker, D.B.
