Which of the following is a challenge faced by a virtual bank?
A)Ability to verify real time account balances
B)Ability to confirm that deposits of funds have been received
C)Ability to submit applications for loans and credit cards
D)Ability to move funds instantly from one account to another
E)Ability to prevent identity theft

Question

Quizplus · Accepted Answer

Virtual banks face several challenges, and among them, preventing identity theft is significant. Since virtual banking operations are conducted online, they are particularly vulnerable to cyber threats, including identity theft. This challenge arises from the need to securely verify the identity of users in an environment where physical verification is not possible, making it difficult to ensure that the person accessing the services is indeed who they claim to be.

Which of the Following Is a Challenge Faced by a Virtual