Federal Reserve To Use Internet For Money Transfer

An anonymous reader writes "According to the New York Post, the Federal Reserve (i.e. Alan Greenspan and Co.) is going to change the way that it transfers money between banks so that transfers now take place over the internet instead of via a private banking network. They aren't specifying the types of security measures that will be used (security through obscurity?) Am I the only one who thinks that this is a very bad idea? Might a DDOS attack on the Fed's computers bring down the entire banking system?" The banks have put some thought into security.

Comments

First transaction

[Anonymous Coward]

First transaction

Re:First transaction

[ClippyHater]

Bank error in your favor: +3 Funny.

Mmmmm!

[Anonymous Coward]

Shocking. To think they'd use the INTERNET instead of analog phone lines!

Re:DDOS paranoia

[mrsev]

what makes you think "using the internet" equates to "having a server completely open to the public with no backup processes"? in the UK you can do your taxes online, I guess if they get DDOS'd no one will have to pay? .....Hey thanks for the tip!

Oh, come on. You guys are so paranoid.

[unassimilatible]

If it's safe to vote and select the leaders of the free world on the Internet, then surely it's, uh, oh nevermind...

The New Federal Reserve!

[Anonymous Coward]

(Formerly known as PayPal)

Re:First Hacked Transaction Receipt

[iCEBaLM]

Shouldn't it be:

All your bank account are belong to us!
You are on the path to bankruptcy.
You have no chance to withdraw make your time.

Re:What is the Fed?

[techno-vampire]

Close, but no cigar. What gives money its value is our collective agreement to accept it in payment. When you come down to it, we're really bartering, but instead of having to have goods to swap, we swap something easy to carry and of a known (if artificial) value. Money is just an abstract representation of goods that simplifies commerce.