Electronic money transfer: threatened by web hackers

Following the trend of the high tech era, financial institutions in Madagascar start providing online services to their clients in order to facilitate the latter’s access to their account and to allow them to perform quick money transfer. Indeed, local banks’ clients can have access to their account directly from their computers or their mobile phones at any time and in any place. To do this, banks, upon the demand of their clients, create online accounts and provide clients with log-in name and password. While bank clients like businessmen find this service very innovative and practical, the ordinary clients seem to be apprehensive about the security of the transfer operation and the confidentiality of their accounts.

Concerning the security of the websites managed by financial institutions, they seem apparently safe and efficient in front cyber hacking. However, the permeability of these sites may attract criminal and terrorist organizations as a site for money laundering. In fact, without the clients’ knowing, these hackers can use the latter’s accounts to deposit their dirty money. Laundered money, usually a huge amount, will disappear so quickly in the clients’ accounts soon after its deposit. So, in order to guarantee the safety and effectiveness of online money transfer, local banks must invest in the improvement in the security system of their sites and guarantee the safety of the clients’ accounts and operations.