Busted: Bankers and The Global Economy

February 10, 2008

The Seduction of Convenience

Filed under: banking, credit, government, Islam, money — Tags: , , , , , , , , , , — digitaleconomy @ 10:25 am

Prepaid Banking Cards Sell in Muslim Banking

For years, the Muslim banking community has resisted the standard trappings of the banking industry. The National Bank of Abu Dhabi, one of the leading banks in the United Arab Emirates, has announced the issuance of its Dubai eGovernment Pre-paid card. Now, the Muslim is being offered an alternative to cash and checking as the New World Order of electronic banking and tracking further tightens the noose on the unsuspecting world: all in the name of convenience. The bankers are focusing on “the non-banked” like low-salaried employees, retirees and students.

islamicbankingandfinance.jpgThe typical publicity line is that the banking card “allows cardholders to better budget finances by limiting spending to the amount of funds that have been loaded to the card, ensuring greater convenience, benefits and security for all United Arab Emirates resident and visitors. Do you smell the control while the bankers and government officials rub their hands in glee? How easy will it be to round up tourists in the event of any uprising or government collection program? The government has absolute control of the money with this new card. Beware of the seduction of convenience.

February 9, 2008

Deposit Checks Online?

Filed under: banking, money, security — Tags: , , , , — digitaleconomy @ 12:04 am

Remote Deposit Capture is the technology that allows the scanning of checks. It has been around for a few years, but has been used in business applications. Behold the new age of consumer banking. Now this service is being offered to consumers by scanning the checks through the home computers and depositing them electronically online. Electronic money for the customer makes another jump in the world of banking.

CheckFree Corporation is presenting the option to bankers as an online option for their customers. Customers need a scanner and banks need more fraud protection and probably a few new rules to make this miracle in technology work.

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