Vol. 6, Issue 3 (2020)
Confidentiality and data protection in the electronic fund transfer
Author(s): Rhea Banerjee
Abstract: This paper will mainly focus on the electronic fund transfers which can be seen as a developing phase of the banking sector in India. Electronic fund transfers are a kind of alternative method for payment for goods and services and even allows large amount of transactions through EFTs. It can be referred to as bunch of technologies working together for making huge transactions by a safer and faster means without the necessity of having a paper tool of exchange. The basic sections that will be covered in this paper are emergence of electronic fund transfers and its historical origin, modes of electronic banking and kinds of electronic payment. The main part of the paper will be revolving around the privacy and confidentiality issues faced by users while doing electronic fund transfer. Usually transactions where currency is the means of payment, there can be a certain level of anonymity expected but certain details are still required to complete the respective transactions. As per the Electronic Funds Transfer Act of 1978 the EFT terminals and bank statements of EFT banks disclose certain information like date, time etc. In other words, the paper will concentrate on these privacy concerns and how they can be manipulated by the banking institutions while users are making transactions. The author will further advice some suggestions for improving the privacy concerns of EFT systems.