Security Issues in Virtual Cash Management

Most of the financial institutions believe and are providing online virtual cash management services to their customers for sharing and exchanging information electronically over internet by the help of ICT (Information and communication technology) and IT (Information Technology). They are using integrated application software platforms to connect their front and back office together for sharing information. Web-enabled software like ERP, e-business, and CRM is implemented by many of these financial institution for providing end to end electronic transaction for managing virtual cash management. In order to operate effectively in today s rapidly globalizing, deregulating and volatile marketplace, financial institutions must be able to respond quickly to ever changing environment in terms of technologies, they are using and security issues they are facing to execute safe and hassle free financial transaction. They should regularly analyze their communication architecture to minimize percentages of virtual data theft and crime.

The objective of this paper is to understand that how to manage virtual cash management and discusses various security threats that need to be dealt with when customer use virtual cash management services offered by their financial institutions.