Electronic Funds Transfer EFT

Payment by Chip & PIN

Transferring money from one account to another

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Automated Teller Machine ATM

Special machines that release money and debit from

an account

Usually installed in public places

May also provide some basic banking facilities

and/or bill payment facilities

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Credit & Debit Cards

Used as an alternative to cash

Allows stores and organisations to debit money from

an account for goods or services

Customers have a card and a PIN number

When the card scanned, PIN entered correctly,

amount is deducted from customer’s account

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Modern Communication Methods &

Banking

Telephone Banking

Done via either a conversation with a banking call center oran automated system that responds using voice recognitionsoftware or telephone keypad choices.

Internet Banking

Account details are accessed through a secure webpage thatprovides direct access.

Secure login and password must be setup before use.

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Modern Communication Methods &

Banking

Mobile Banking

Banking apps

No need for computer and browser

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Modern E-Banking Methods

Advantages Disadvantages

Instant access without having to visit a

branch in person

Identity theft a concern as banks may

rarely see customers

Money can be transferred

instantaneously to anywhere

Mobile phone access requires a

reliable data connection

Transactions can be checked instantly Users are constantly sent spam emails

asking them to give away their login

details, called phishing

Banks can spot fraudulent activity

more quickly by analysing patterns in

your spending.

Those without internet access often

miss out on latest deals and interest

rates.

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