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Advances in Information Technology

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Advances in Information Technology

BIS/220

Advances in Information Technology
Thru out the history of man we have implemented the use of tools in our day to day lives. Many scholars believe that man’s ability to use a tool is the turning point in our evolution In today’s world the use of transfering of information by advanced technology continues to propel the human race further into a cybertronic future. This is a long way from drawing on the walls of caves.

One example of advanced communication technology is the Electronic Funds Transfer Act, also known as the EFT Act or Regulation E, is a section of 1978 United States legislation aimed at clarifying the rights and liabilities of those involved in the transfer of electronic funds, including consumers. Congress passed this act with the main purpose of clarifying rights and liabilities that were determined to be unclear under the consumer protection legislation. Inside the Electronic Funds Transfer Act, transactions that originated with a check, a draft, or any other type of paper instrument are not considered. Instead, the focus is on transactions that originate through a telephonic device, an electronic terminal, or a computer or magnetic tape just like a ATM transaction, a point-of-sale transfer, a telephone wire, a direct deposit or electronic withdrawal. The type of transaction considered is one that authorizes, initiates, or directs a financial institution to credit or debit a particular account. Eventhough, this advanced method of financial communication, it can also be a risky venture. Operating with in this system puts one at risk of identity theft and fraud.

The Gramm-Leach-Bliley Act, also known as the FinancialServices Modernization Act of 1999, was put in place to protect banking customers from such practices that put their monies in harms way. This reform basically restricted the sale of very personal information to other banks and catalog companies. Many of well known banks have been sued by the Government and mass public for selling private informations to subsidaries and corporate buyouts. Victoria Secret is one of the main reasons this act was pushed thru congress.

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