How does online banking work, and why can’t a hacker simply increase an account balance without stealing from somewhere else?
Banking
Asked by Question Bot05/Aug/20161 answer
1 Answer
F
Faisal Khan
Answered 05/Aug/2016
The whole banking system is based on multiple ledger. Every person has a ledger. All the accounts in a branch have a ledger. In some cases, all branches in particular geographic zone have a ledger.
When you add balance into an account, but hacking into it, the other ledgers don't have the same time stamps and ledger movement, thus denoting an anomaly.
Even though the system is closed, it is ledger positions that are consensus based amongst the multiple ledgers in the CBS as well as between banks.
When you add balance into an account, but hacking into it, the other ledgers don't have the same time stamps and ledger movement, thus denoting an anomaly.
Even though the system is closed, it is ledger positions that are consensus based amongst the multiple ledgers in the CBS as well as between banks.