Today, many people use the internet and smartphones to transfer money to friends, family, and businesses. Is this a positive or negative development?

An increasing number of individuals today take advantage of online applications to transfer money to friends, family, and various businesses. In my opinion,

this

is a largely positive development though there is greater potential for fraud, particularly among less internet-savvy segments of the population. Those who oppose sending money online point out the potential dangers. When transferring capital online, there is a chance that one’s password could be exposed to hackers, the transaction may be fraudulent, or the senders themselves might make a mistake in how much fund is transferred. Most younger people are able to avoid these complications but older users are particularly vulnerable to fraud.

For instance

, every year thousands of retired citizens fall victim to identity theft after opening phishing emails and naively clicking on the links inside. Many of these individuals are unable to recover their wealth afterwards as cybercrime is a complex, international problem.

However

, online transfers are tremendously convenient for the vast majority. In the past, a person who wanted to make a transfer to a family member, friend, or business would have to make a trip to the bank, wait in line, and fill in various forms. Not only do online transfers save time but they

also

allow for greater flexibility. Users can transfer sums to multiple parties, monitor their transactions, cancel them or ask for refunds, and keep their own records with ease. All these features would previously require additional trips and phone calls with a physical bank. In the aggregate, the time saved is a significant factor for people and businesses and the main reason online banking has become the de facto norm in recent years. In conclusion, a person must be mindful of potential fraud;

however

, transferring capital online is a clearly beneficial technological advancement. There is little doubt that it will only become more pervasive in the future.