Paper Title
Risk and benefits associated with digital money transferring technology
Article Identifiers
Authors
Megha Choudhary , Dr.Manita Arora
Keywords
Digital money; digital frauds; Money transferring
Abstract
Digital money transferring technology has transformed the landscape of financial transactions, offering a myriad of both risks and benefits. This abstract examines the multifaceted nature of these implications within a comprehensive framework, encompassing various dimensions including convenience, security, accessibility, speed, cost-effectiveness, and integration. Firstly, the convenience of digital money transfers has revolutionized the way individuals and businesses conduct financial transactions, enabling seamless transfers anytime, anywhere. However, this convenience also brings about risks such as potential security vulnerabilities and the possibility of fraudulent activities. Despite these risks, the security measures implemented in digital money transfer platforms aim to safeguard users' financial information, instilling trust and confidence. Furthermore, the speed at which transactions are processed enhances efficiency, particularly for time-sensitive transactions. Yet, this rapidity may also exacerbate the consequences of errors or unauthorized transactions if adequate controls are not in place. Additionally, the cost-effectiveness of digital money transfers has led to reduced transaction fees, promoting financial inclusion and accessibility. Nevertheless, the reliance on digital infrastructure introduces the risk of technical failures or cyber-attacks, which could disrupt financial systems and compromise users' funds. Moreover, the traceability of digital transactions offers transparency and accountability, mitigating the risk of disputes and enhancing regulatory compliance. However, concerns regarding privacy and data protection emerge as users' transactional data become increasingly digitized and susceptible to exploitation. Finally, the seamless integration of digital money transfer services with other financial platforms enhances overall financial management and customer experience. Nonetheless, this interconnectedness also amplifies the potential consequences of system failures or operational disruptions.
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How To Cite (APA)
Megha Choudhary & Dr.Manita Arora (May-2024). Risk and benefits associated with digital money transferring technology . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(5), c834-c855. https://ijnrd.org/papers/IJNRD2405288.pdf
Issue
Volume 9 Issue 5, May-2024
Pages : c834-c855
Other Publication Details
Paper Reg. ID: IJNRD_221160
Published Paper Id: IJNRD2405288
Downloads: 000121987
Research Area: Management
Country: Noida , UP, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2405288.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2405288
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