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The other name for direct deposit is direct credit. These is a term used by banks and it describes money deposit direct from any source into the bank account, through the electronic transfer of funds, or any other means whereby payment is also initiated by payers and not the payee. Further, the money is directed or transferred to the bank receipt by a payment system (Karmen, 2013). The direct deposit amenities is always an online banking system features. The direct credit or the direct deposit facility is regularly better understood or known by a specific country’s payment system that is used to action the payments. 

Vulnerability of direct deposit

The vulnerability of the direct deposit experienced by organizations is the hacking of accounts by fraudsters. Most of the accounts used by direct deposit customers are internet supported.  The internet conmen have developed different strategies that they use in hacking and transferring funds from a direct deposit account to their accounts (Hemming, Kell & Schimmelpfennig, 2003). Most of the direct deposit accounts users are vulnerable to the internet fraudsters who hack and terminate the funds to their accounts. The account owners are vulnerable and the security measures put in place to control the loss of funds from the direct deposit accounts.

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Further, the direct deposit is vulnerable causing some organizations to lose funds. For instance, there is existence of the paranormal entities or ghost accounts. However, the existence of the ghost workers with direct deposit accounts that causes damage is well documented (Hemming, Kell & Schimmelpfennig, 2003). The vulnerability is experienced when the non-existing employees fraudulently appear on the payroll over and over again and this exposes the organization to the risk of losing funds.  The ghost employee frauds have many forms, for example:

  • Some of the payroll clerks setting up non-existent employee direct deposit bank account, thereafter, the clerk then deposits paychecks in the account for individual use.
  • A manager or accountant who abandons the names of the terminated employees on organizations payroll so that he or she can keep or take the paycheck for individual use.

Of course, fraudulent employee is not supposed to be coming from the payroll or the organizational finance; the employee can be from any company area. The vulnerability of the organization through the direct deposit account will be safeguarded against the payroll fraud by employing more employees. This employees will be involved in the processing of the payrolls to the direct deposit accounts, thus the fraud will be controlled through double checks in the place (Karmen, 2013). For instance, the organization is supposed to employ two employees minimum so that they can be able to review the bank statements and also return the checks on the ghost workers direct deposit accounts. Furthermore, the organization should divide the workers payroll duties so as to enable different people to handle and approve the time sheets, distribution of the paychecks and entering of the working data hours.

The rules were set to protect vulnerability of the direct deposit accounts by the affected organizations. For instance, the laws set by the governments to protect accounts from fraudsters and hackers. The internet regulations e.g. regulation E providing the basic framework which establishes the liabilities, rights, and the responsibilities of the participants in systems of electronic fund transfer for example, the telephone bill-payment, ATMS, point of sale (POS) stores terminal transfers, and the pre-authorized transfers from the consumer account for instance, the direct deposit accounts and the social security payments.

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In conclusion, the direct deposit account vulnerability is a threat to employees and organizations for it may result to loss of funds, therefore, the security threat of losing funds should be addressed and strict measures put in place to protect direct deposit account owners as mentioned in the paper. 

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