Question

Technology is becoming more and more complicated every year. As technology becomes more complicated new security measures are required in order to protect individuals from theft. Most people do not understand how simple devices such as debit/card cards and online bill pay work, so how can they effectively protect themselves from theft. I believe we have reached a point in technology where most of our financial transactions are done over wire and not actually completed using tangible currency. In-fact only 30% of our financial transactions are completed using paper or coin (Amit, 2016). With such a complicated system of financial exchange I believe that companies that issue these financial devices should be responsible for protecting that sensitive information. As an example, lets say you create a new banking account with PayPal. You place all of you banking information into THEIR systems then spend accordingly. How can you protect your own money when someone else has it? It is not reasonable to ask the individual to be responsible in protecting their own interests with such a case.

As well, I am not stating that companies such as PayPal should provide this 'service' for free either. PayPal takes a fee for online transactions. As I am asking that they be liable for security of all of their customers money; they should be able to charge for this service as well.

Please respond to post in 100-150 words

Answer 1

Yes , with increase in technology cases of theft also increasing . The use of physical currency is decreasing day by day and most of people do online transactions which saves time and cost of travelling or risk .But online transactions are also too risky these days . Online theft is most common theft these days .companies like pay pal should develop more security services to save their customers money . A secured system or payment mode will help people to make online transactions safely . As paypal and other Banks charge money in providing services they should also take care of that they provide secured service and people are guaranteed that their money is safe with them .They should be liable for any theft .But they should not be liable in all the cases as customer also has duty that they do not disclose their I'd passwords to other people or respond to fake mails and messages .Both customers and service providers should take care of it and are liable on their part accordingly .Developing a secured database with help company that the sensitive or private details are not disclosed or stolen from their database .