ATM’s and Online Shopping Portals
ATM’s and online shopping portals have multi-millions users globally. These services, while being bifacial to the consumers, can have devastating effects in case of a malfunction and the true culprits are seldom held accountable.
It is a standard procedure that all the software solutions pertaining to the financial transactions, like ATM’s and online shopping portals, have to go through extensive testing before going live. It is because general public’s financial interests are at stake and no organizations can afford to risk these stakes because of social and legal aftermath. The failure of a system indicates that the adequate quality control procedures, at the time of production of such system, were not in place. Also, it reflects that the organization which developed this system failed to satisfactorily test and debug the software. Such situation can have held the makers and programmers of the software to legal obligations.
A system’s failure could also imply that the implementation of was poorly carried out. It also has the potential of hitting a company’s bottom line and may expose the services to liability. Despite the fact that software providers cannot be held accountable to the circumstances beyond their control, they may not avail this defense in compliance related issues. Therefore, it is vital for the software producers to be well educated about the compliance issues. Moreover, software providers may face legal consequences if they fail to highlight the latent problems of software to the licensees. The capital providers to the software companies also need to be proactive about the compliance issues. Lest financial advisors fail to recognize the compliance issues, their role may also be called to question, thus emphasizing the need of a coordinated effort for ensuring the legal compliance.
Main responsibility of ensuring the compliance rests with the software providers as they are the ones developing such software. General public should not suffer any financial injury due to the malfunction of software and the providers of software should be held responsible for such losses.