EFTS impact on computer security

Electronic funds transfer systems are revolutionizing the banking and financial industry by providing new and varied services for individuals, businesses, and government. These new services, designed to reduce the volume of paper checks processed, introduced new threat areas to the security of bank funds. No security measure and/or device is going to adequately protect the EFT system from potential abuse. There needs to be an integrated management approach assessing the particular company's major risk in the EFTS environment, and a resultant cost effective plan developed in order to provide expanded business services to its customers, while at the same time not leaving the company open to undue financial risk.