Controls in electronic funds transfer systems: A survey and synthesis

Threats to asset safeguarding and data integrity in an electronic funds transfer system are substantial. This paper provides a survey and synthesis of the major controls that can be used to reduce expected losses to an acceptable level. It highlights the differences in the controls used in the various subsystems of an electronic funds transfer system as opposed to the controls used in the various subsystems of other types of application systems. In addition, it describes operational and managerial requirements for four major control components used in an electronic funds transfer system: personal identification numbers; plastic identification cards; cryptographic processes; and cryptographic keys.