Provide an original and substantive response to the questions posed in your Assi

Question

Provide an original and substantive response to the questions posed in your Assignment in a minimum of 200 words Cash presents unique risks and internal control issues due to the high liquidity and high volume of transactions. We all make purchases at retail outlets, probably several times each week. Think about your recent purchases at a gas station, grocery store, movie theater, restaurant, etc. Pick two of your recent cash (debit/credit, check, etc.) transactions Discuss both the risks presented in processing your transactions as well as the controls you noticed (or would expect to find) in those establishments to safeguard your purchase. ·

Explanation / Answer

I have purchased item a storage device online recently. Payment was made by my debit card. Risks involved were transaction decline but still the account getting debited, online hacking of card information. The controls in place were reporting of the transaction decline instance with the transaction details to the customer service of the bank. Transaction details usually include the time of the transaction, error message and even browser settings. Further the bank will investigate on their part and if found genuine the debited amount will be credited back in the account within a certain period of time. For online hacking of the card information, the bank provided with secured transaction password and special transaction pin sent on the cell phone number registered with the bank for every transaction. After entering the pin sent on the cell phone the transaction will be complete and the payment will successful. It was recommended that transaction passwords and pin should not be saved on the browser settings as it is done for majority mail accounts. I have used credit card at a fast food restaurant. Risks involved were again transaction getting declined and payment amount wrongly entered in the swiping machine. The first risk has been discussed above. For the second one, the receipt is provided with the exact bill amount and other details as tax and service charges. The machine generates two receipts one for the merchant which is called the merchant copy and the other one for the customer which is called the customer copy. The merchant copy is to be checked and duly signed by the customer and given back to the merchant acknowledging the receipt and the details on it.

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