Electronic Funds Transfer Processes

Question: Discuss about the Electronic Funds Transfer Processes. Answer: Introduction: The project that was included during the internship included a number of payment systems to be implemented along with frequent use of Electronic Funds Transfer (EFT). The same were implemented and monitored as per the AS-2805 standard which is an Australian standard that has been specifically designed for EFTs. There have been thirty three As-2805 standards that have been published so far and they cover the various components that come under EFTs that are used across a number of ICT projects. The major objective of the project during the internship was to keep the data and information of the customers protected at all times and the payment information was classified as the most sensitive and private piece of information out of all. The implementation of payments and EFTs were therefore guarded by the AS-2805 specifications covering a number of different topics such as management of the PIN number for the generation and completion of the EFT processes, authorization and management of the cards of the users, security and management of the keys utilized, authentication of the messages, privacy and encryption of the data, communication activities along with transfer of files from one point to the other and message structure between the two parties. All of these topics and guidelines provided mechanisms to make sure that the Electronic Fund Transfers were initiated and completed successfully in a secure environment without any scope of the security attacks executed by the attackers. Fraud monitoring and management guidelines defined under AS-2805 were also utilized in the project (Merwe, 2014). References Merwe, A. (2014). AS2805 Standards for EFT. [online] Arthur van der Merwe - Payments. Available at: https://arthurvandermerwe.com/2014/06/22/as2805-standards-for-eft/ [Accessed 23 Nov. 2016].