TO WHOM IT MAY CONCERN/INTEREST
Many years ago before PCs and Microsoft OS and software, bank accounts used to be in mainframe computers. During the past 30 – 50 years bank accounts became available on PCs and Customer profiles (or customer information records) were commonly used to access the bank accounts. Such profiles become disabled to prevent login on the internet which is also known as “account lock” (but not the bank account).
Bank account lock vs web login (Profile lock) lock: a confusing terminology used in the banking industry was account lock. There were many different methods to access a bank account. In person at the bank branch, by ATM, by Phone or online banking on the web or app. Sometimes these web access or app access of the account gets disabled due to IT related reasons not due to financial reasons. But the word used is account lock which was very misleading and has legal implications of not understood correctly.
Companies providing telephone services have the same additional online web access layer above the subscribers accounts which did not exists before 90s, also credit reports/history have the same additional layer of web access above original credit reports/history records which did not exist before 1993. These additional layers of web access do not add to the protection of consumer assets rather such additional layers are being used for malicious purposes to create hurdles for the consumers.
Was it less secure for consumers before the use of webaccess/internet access, absolutely not. It was more secure because the staff in the organizations knew their customers/clients in person because of frequent in person contacts and it was never a question or was never a doubt about who was using the services and who was paying for it, or who it belongs to/ownership question.
I am pro technology but only when it was used for positive and honest purpose, otherwise not.
Published by
{(male) Khalid Mahmood}
Ph:+1(613)413-9812
Ph:+1(613)413-9237
1909 Russell Rd, apt 307
Ottawa Ontario Canada K1G 3P2
