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
The technologies are constantly changing but the key principles are identification and trust. If bank A tells bank B that a money transfer has happened, bank B has to:
1. Trust bank A is telling the truth.
2. Believe that it really was bank A saying that and not someone impersonating them.
The first is done by banking regulations and agreements. If I wake up tomorrow and announce to the world, “hey, I’m a bank,” that is a long way from my being able to participate in the banking community.
The second is done by a variety of methods from secure channels to encryption methods that don’t only keep the messages secret but also stop people from impersonating them.
Latest Answers