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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    With the increase in electronic transformation... “frightening” risks for digital banks

    Rocky
    Rocky
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    electronic - With the increase in electronic transformation... “frightening” risks for digital banks Empty With the increase in electronic transformation... “frightening” risks for digital banks

    Post by Rocky Mon 22 Jan 2024, 4:24 am

    [size=35][size=35]With the increase in electronic transformation... “frightening” risks for digital banks[/size]
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    Economy

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    01-22-2024 | 03:13
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    Alsumaria News - Economy

    With the increasing economic shift to the electronic sector, which is clearly evident in Iraq through the shift to electronic payment and other digital means, economic fears are emerging about reaching the stage of “digital banks” or digital banks, due to the risks they carry for the economy. National, as well as the money and privacy of individuals.


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    Digital banks are defined as banks that do not have branches in countries or cities, but rather provide all instant banking services through digital channels only, and are distinguished from traditional banks through modern financial technology practices via the Internet only.



    These banks rely on various recognized currencies or cryptocurrencies, and enable any customer to conduct his transactions, from his home, office, or anywhere, through his smartphone or tablet.

    But these “temptations” may entail greater risks, as one of the negatives of digital banks is the difficulty of determining the volume of liquidity for any electronic bank, as it is not possible to know or limit the bank’s internal and external transactions, as well as the ease of harming the national economy of any country, as it is not possible to monitor These banks are very large, and financial transfers can be made just by pressing one of the phone buttons.

    Also among the negatives is the ease of falling victim to fraudulent operations by forging some cards, and a computer technical professional can hack accounts or copy other people’s information, which enables the information to escape from its confidential framework.

    It is always expected that a technical error will occur that could obstruct the work of the entire bank and expose people's accounts to loss, and a virus could also penetrate this system and disrupt it.

    In addition, there are legal risks, as many digital banking operations are under development, such as licenses, signatures, and digital contracts, and there is no clear legislation in this regard, so it is difficult to prove them, in addition to the risks of money laundering, which is highly active in digital banks.

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