ELECTRONIC

MONEY
TRANSFER
Lalita khakhlary
Manish Kr. Singh
 PRESENTATION OUTLINE
 What is money?
 What is electronic money?
 Types of electronic money tranfer?
 Electronic fund transfer
 Gyro transfer
 Reasons for various online money
transaction
 Types of risk involved in EFT
 SCAMS and its types.
 NEFT system functional process

 What is money?
vMoney is any object that is
generally accepted as payment
for goods and services and
repayment of debts in a given
country.

The main functions of money are

distinguished as:

vmedium of exchange
vunit of account
vstore of value
vstandard of deferred payment
Ready money is Aladdin's
lamp. LorD Byron (1788-1824) British poet.
 ELECTRONIC MONEY
ØElectronic money (also known as e-
currency, e-money, electronic cash,
digital money, digital cash or
digital currency) refers to money or
scrip which is only exchanged
electronically
v
ØContactless payment transfer in
order to facilitate easy payment.
v
ØIt involves use of computer network,
the internet,the digital stored value
system.
 
vcredit
cards
vdebit cards
vkey fobs
vsmartcards
vother
 ELECTRONIC FUND
TRANSFER
vElectronic funds transfer or EFT
refers to the computer-based
systems used to perform
financial transactions
electronically.


vAn EFT is the electronic

exchange or transfer of money
from one account to another,
either within the same financial
institution or across multiple
institutions
vT h e re is n o ta n g ib le
m o v e m e n t o f m o n e y . R a th e r
o n e a cco u n t is cre d ite d a n d
a n o th e r is d e b ite d .
v

vA tra n sfe r o f o w n e rsh ip

o ccu rs w h e n th e m o n e y is
re lo ca te d .
 DIRECT DEPOSITS/
GYRO TRANSFER
vA gyro transfer is a
payment transfer from one
bank account to another
instigated by the payer and
not the payee.


vThis kind of electronic

money transfer takes place
in Business Organizations


vPaying salary to the

employees
 REASONS FOR
VARIOUS
TRANSACTIONS
vIssuing loans
vCash/cheque deposits
vInterest/income/salary
deposits
vPayments for telephone
bills, gas bills, electricity
bills etc
vPayments against your
purchases
vRepayments against loans
vPayments for insurance
premiums
TYPES OF RISKS INVOLVED
IN EFT
 SCAMS
Scammers are people who try


to get you to invest in their

scheme in one way or another,
only to disappear and offer
you no payback for what you
have given them -- whether it
be time, money, or
information.
hard !!!!!
beware! scams can hit you
Somebo


dy is
having
constant


WATCH
 OUT


Over
your
Money!!!
TYPES OF SCAMS
vliterary scams
vpoetry scams
vjury duty scams
vchain letters and email
scams
vlottery scams
vNigerian scams
vwork at home scams
vcredit card scam
vPayPal Scam
vMissing Persons Scam
vIRS email scams
vFree vacation scam
vEnvelop stuffing scam
vFax directory scam

ADDRESSES OF THE PEOPLE THAT ARE ACTIVE ONLINE, AMONG THE
MILLIONS THAT SUBSCRIBED TO YAHOO,HOTMAIL AND VARIOUS
MICROSOFT WINDOW USERS, WE ONLY SELECT FIVE PEOPLE EVERY
YEAR AS OUR WINNERS,THROUGH ELECTRONIC BALLOTINGSYSTEM

WITHOUT THE WINNER APPLYING

BATCH NUMBER.....................YW/08872/PY
REF NUMBER.......................WL/7662/5AQ
WINNING NUMBER...................WZ554/30

HOW EVER YOU WILL HAVE TO FILL AND SUBMIT THIS FORM TOTHE
EVENTS MANAGER

1.FULL NAME..............
2.CONTACT ADDRESS........
3.AGE....................
4.TELEPHONE NUMBER.......
5.MARITAL STATUS.........
6.SEX....................
7.OCCUPATION.............
8.STATE:.................
9.COUNTRY................

10.NATIONALITY...........

11.HOW DO YOU FEEL AS A WINNER:...........

12.YOUR REFERENCE AND BATCH NUMBER AT THE TOP OF THIS MAIL:

(CONTACT EVENTS MANAGER)

NAME: MRS. MONICA WILLIAMS
E-MAIL: CLAIMSDEPT028@LIVE.COM
(MSN/YAHOO LOTTERY GAMES/LOTTERY COORDINATOR).
PRECAUTIONS TO BE
TAKEN
vSecure your bank pin numbers.
vSecure your credit card pin
number.
vSecure your debit card pin
number.
vSecure bank account number
vDon’t give away password to
strangers.
vDon’t give away driving license
no. and social institution no.
vBe careful with the scams.
vUse id protection software
e.g. Protectmyid software
NEFT SYSTEM


Reserve Bank of India has

introduced an electronic funds
transfer system
called "The Reserve Bank of

India National Electronic Funds

Transfer System"
(herein after may be referred to

as "NEFT System" or "System")




THE OBJECTIVES OF
NEFT
(1) to establish an electronic funds
transfer system to facilitate an
efficient, secure, economical,
reliable and expeditious system of
funds transfer and clearing in the
banking sector throughout india.

(2) to relieve the stress on the

existing paper based funds
transfer and
clearing system.
 TERMS RELATED TO NEFT


o ACCEPTANCE
o BANK
o BENEFICIARY
o BENEFICIARY BANK
o NEFT
o NEFT CLEARING CENTRE (Nariman
point ,Mumbai)
o NEFT SFMS MESSAGE
o NEFT SERVICE CENTRE
o EXECUTION
o
o
Continue…
o NODAL DEPARTMENT
o NOTIFIED
o ORIGINATOR/SENDER
o PARTICIPATING BANK
o PAYMENT INSTRUCTIONS
o SECURITY PROCEDURE
o SENDING/ORIGINATING BANK
o SETTLEMENT ACCOUNT
o VALID REASONS OF NON-PAYMENT
 ELIGIBILITY CRITERIA
ØShall be a bank
Ø
ØShall be a member of Real Time
Gross Settlement System (RTGS)
Ø
ØShall have installed SFMS
Ø
ØShall meet the other prescribed
eligibility criteria notified by RBI from
time to time.
o

Participating parties
NEFT FLOW INFLOW
 SUMMARY
vElectronic money transfer is
the fastest money transfer
system, thanks to the
advancement in technology.
v
vRisk involved is severe and
be very careful in having
online money transactions
v
vLet world money be “safe”
and we acquire safe internet
practices

 REFERENCES
 www.wikipedia.org
 www.slideshare.net

 www.googleimages.com


THANK YOU