I belong to an amateur radio club, which has a bank account. At any one tim e the amount of money in that account is likely to be around £1500. Two o f three people are required to sign any cheque (treasurer, chairman or secr etary). This makes it impossible for one person to steal money by writing a cheque.
But the treasurer has access to the bank account via the internet, which cr
eates a loophole in the system, allowing one person to transfer all the clu
b's money to any account they wish.
How is it possible to reduce the chances of money disappearing from an acco
unt by one person taking it all via the internet? Banks are of course pushi
ng for more and more to be done online via the internet, and it is very con
venient. Are there any similar mechanisms that exist that would allow money
to be transferred if two people authorize the transfer electronically?
I am sure big companies with multi-million pound bank accounts must hit thi
- posted 4 years ago