As most of money in the world is digital anyways, Why can’t people fake transactions to a Bank account or just add one or two zeros to the balance? What makes online banking so safe that this doesnt work?
Most of even well guarded things have been hacked in the past, so i would imagine it’s at least possible?
In: Technology
it’s not as simple as you would think
* balances aren’t balances, they are aggregates of transactions
* no system is beyond hacking. A fairly sophisticated insider could introduce fake transactions into the system, but the money still has to come from somewhere.
* even real payments are closely scrutinized for suspicious activity- it isn’t just a system where some guy is like “transfer this money from account x to account y” and the system checks balances does a transfer like a CS101 atm machine project. There are like a dozen steps of anti-money-laundering and sanctions evasion and KYC and suspicious activity stuff that happen between the transfer being initiated and the money actually moving
* banks are almost junior members of the western intelligence services in terms of the amount of monitoring and snooping they do
Latest Answers