New Financial Transaction Possibilities by Cloud Computing Systems and their Dangers

Abstract

Besides the lawful monitoring of communication based on Internet, there are some other application services, which have to be monitored by national security services and law enforcement agencies. These are for example banking services. As the classic communication has been fundamentally changed by Internet, this can be said (but in a lesser extent) about the financial sector as well. Beside the money transaction solutions via Internet provided by banks, new alternative possibilities are appearing. Some of these are offering financial services by supplying virtual money, moreover in given cases you can pay with it (e.g. Bitcoin) in completely legal web-shops (e.g. Wordpress store), and some of them are just by-products, but they give similar possibilities for similar virtual financial operations (e.g. Diablo III). The new alternative financial transactions ensure convenience and simplicity for the users, although they also involve threats. This article presents their threats and the difficulty of lawful monitoring of them through the description of some of these methods.