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Finance

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Teacher’s notes included in the Notes Page

Flash activity. These activities are not editable. Web addresses

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Functional Skills check

Student task accompanies this slide Printable activity

This lesson will cover:

Electronic Funds Transfer (EFT).

ATMs.

Online banking.

Security.

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How has ICT changed the way we manage money?

ICT and finance

Not so long ago, you could only have access to your money between 9am and 3.30pm Monday to Friday, when the banks were actually open.

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Electronic money

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Chip and PIN

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ATMs

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Online banking

All the high street banks in the UK have online banking, and there are even some banks that are exclusively online. Online banking allows a customer to:

check their balance

view bank statements

pay bills online

manage their savings

apply for loans

transfer money.

Can you do all your financial management online?

Most banks also offer a telephone banking service.

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Pros and cons of online banking

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Online security

The introduction of online banking meant that for the first time organized criminals could commit large-scale bank fraud from outside the bank.

More and more banks are introducing card readers that generate random passwords to authorize some transactions.

Fraudsters can set up false accounts and send Trojans (viruses that can record keystrokes) or phishing emails to users to find out their passwords.

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Identity theft

Identity theft is the name given to a type of crime where someone illegally uses someone else’s personal details.

If a criminal gets hold of someone’s personal details, they can open bank accounts, order goods, take out loans or claim benefits, all in the victim’s name.

A victim of identity theft may lose money and face difficulties restoring their reputation and credit rating.

How can you protect yourself from identity theft?

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Phishing

Phishing is when criminals try to get people’s details by sending them emails pretending to be from the bank.

How can you tell if an email is phishing?

These emails often link to a false mirror-image website where the user is asked to type in their details.

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Summary