Answer 2 question Essay Example | Topics and Well Written Essays - 500 words

Answer 2 question - Essay Example According to Schneider (2011), checks may be unsafe because merchants handling checks usually get access to individual account number, names, and other contact information that may make it easy to perpetrate fraud. Moreover, when checks are processed as electronic debits, merchants have access to personal account that may give them chance to make unauthorized deductions. In addition, compared to the debit cards that only require a four digit PIN, checks usually need signatures, which may be easily imitated by a third party. On the other hand, when an account holder or signatory to the check gets serious accidents that, they cannot sign the checks; it is obvious that the checks cannot work because there may be issues of mismatch in signatures. Not all merchants because of payment delays and possibility of bounced checks may accept checks (Schneider, 2011). Keeping accurate financial record may is very cumbersome and time consuming especially when dealing with cancelled checks because they normally leave paper trails that the account owner must follow in case of fraud or theft. Reconciling the bank statement with the canceled checks is not an easy task. Schneider (2011) explains that phishing has been rampant in the recent years as expert criminals turn to the huge amount of money involved in the online payment systems. The technique that involves committing fraud against clients of online business is common amongst financial institutions whose customers expect high degree of security. The basic structure of a phishing attack sees an attacker sending e-mail messages to several recipients who may be account holders at the targeted Web site such as PayPal or Skrill. The messages that also include some links that appear as the link to the login Web site, normally informs the recipients that their accounts have been compromised and that they should log in to the account to correct the issue. Instead, the links