by Danette M. Scott

Created on: May 16, 2008

Switch from paper to electronic bank statements? Could you imagine what chaos that would cause the citizens of any country should a terrorist group or unfriendly country launch a cyber attack on the U.S.? The results would be catastrophic. All of the banking systems in the country would be either shutdown or overwhelmed from panicked customers if a cyber attack from a rogue nation or group of Internet savvy terrorists attack with a virus that may infect every computer in the country.

What about that innocent looking teenager next door? Is it possible some teenage hack that holds a personal vendetta against you cut into to your home network? Do you think some overzealous hacker could bring down your computer and wreak financial havoc on you? The possibility exists when we entrust all of our paper statements, bills, and checks over to electronic banking systems. Electronic banking should be utilized for the convenience of the customers and not be depended upon totally by banks to provide statements or bills to their customers.

Dangers lie in depending solely on electronic statements. Viruses, hackers, and blackouts could cause widespread disruption and calamity across the country. Banking is serious business and the problems that could develop if and when, the on-line banking systems go down, may spell disaster for banking customers everywhere. Records kept on their home computers could be destroyed or hacked. Private information could be violated by prying eyes. Paper records are much easier to safeguard and destroyed if needed.

Banks should continue to offer on-line statements for the convenience of their customers and still provide paper statements to protect themselves and their customers from the dangers inherent in on-line banking. Discontinuing paper statements leaves on-line bankers with very little protection if something should happen to their on-line connection or their computers. The fact remains, that not everyone in America has or wants to use a computer to conduct their banking business. Fewer people, would like to rely solely on electronic statements.

It is true that computers and on-line banking are here to stay, but the more we rely on them for the more important facets of our lives, like banking, we leave ourselves wide open for cyber attacks and viruses. Should we switch from paper to electronic bank (and other) statements? No, we should not switch entirely to electronic banking statements.

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